Following the 3 and 10 year auctions in the last two days, today’s 30 Year $13 billion reopening completed the trifecta of ugliness, pricing at a surprisingly wide 3.355%, or three whole basis points above the When Issued, which traded at 3.324% at 1pm – the biggest tail in a long time. It was also…

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Bonds Burned By Ugly, Tailing 30 Year Auction
