{"id":442131,"date":"2026-11-13T02:40:06","date_gmt":"2026-11-12T19:40:06","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-30-year-bond-auction-tails-as-demand-disappoints-for-second-straight-day-442131\/"},"modified":"2026-11-13T02:40:06","modified_gmt":"2026-11-12T19:40:06","slug":"us-30-year-bond-auction-tails-as-demand-disappoints-for-second-straight-day","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-30-year-bond-auction-tails-as-demand-disappoints-for-second-straight-day-442131\/","title":{"rendered":"US 30-year bond auction tails as demand disappoints for second straight day"},"content":{"rendered":"<div>\n<ul>\n<li>\n<p>High yield 5.441% vs 5.437% WI<\/p>\n<\/li>\n<li>\n<p>Tail of 0.4 basis points <\/p>\n<\/li>\n<li>\n<p>Bid-to-cover 2.36x vs 2.44x average<\/p>\n<\/li>\n<li>\n<p>Dealers awarded 11.39% vs 9.49% average<\/p>\n<\/li>\n<\/ul>\n<p>The US Treasury sold $25 billion in 30-year bonds on Thursday in a disappointing auction that adds to signs of softening demand at the long end of the curve.<\/p>\n<p>The auction stopped at 5.441%, a 0.4 basis point tail compared to the 5.437% when-issued yield. That&#8217;s a deterioration from last month&#8217;s 0.1 basis point tail and compares unfavourably with the six-auction average of a 0.1 basis point stop-through.<\/p>\n<p>The bid-to-cover ratio fell to 2.36x from 2.54x previously, also below the 2.44x six-auction average.<\/p>\n<p>The breakdown of buyers wasn&#8217;t particularly encouraging either. Indirect bidders, which include foreign central banks and other institutional investors, took 68.11%, down from 72.32% last month and below the 70.49% average.<\/p>\n<p>Dealers were left holding 11.39%, up sharply from 6.79% in the previous auction. Direct bidders took 20.5%, roughly in line with recent averages.<\/p>\n<p>The results follow Tuesday&#8217;s soft 10-year auction and suggest that investors remain reluctant to aggressively add duration, even after yields cheapened ahead of the sale.<\/p>\n<p>The good news is that the high yield was well below last month&#8217;s 5.618%, but that&#8217;s more a reflection of the broader rally in bonds than stronger underlying demand.<\/p>\n<p>The takeaway is another weak auction, with the higher dealer allocation particularly troubling. It&#8217;s not a disaster, but it&#8217;s hardly a vote of confidence in the long end of the Treasury market.<\/p>\n<p>30s, daily:<\/p>\n<\/p>\n<p>                            This article was written by Adam Button at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High yield 5.441% vs 5.437% WI Tail of 0.4 basis points Bid-to-cover 2.36x vs 2.44x average Dealers awarded 11.39% vs 9.49% average The US Treasury sold $25 billion in 30-year bonds on&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-442131","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/442131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=442131"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/442131\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=442131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=442131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=442131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}