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Bid to Cover Plunges In Ugly, Tailing, Largest-Ever 5Y Treasury Auction

• https://www.zerohedge.com by Tyler Durden

Until today.

At 1pm the Treasury sold $45 billion in 5Y Treasuries, which in keeping with recent issuance, was also a record large notional for the tenor.

However, whether due to the record size, or due to the lack of concession in today's market which has seen yields slump sharply on renewed fears about US-China relations, the auction was an outright disappointment. Pricing at a high yield of 0.334, which incidentally was another record low yield for this tenor and below April's 0.394%, it tailed the When Issued 0.321% by 1.3bps, the biggest tail since December 2018.


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