- Prior was 5.046%
- Six auction average of 4.835%
- Bid to cover vs 2.30x prior
The auction prior to this one tailed by 0.5 bps. This is a reopening so it's 29 years, 11-months, not 30 years.
The 1.2 bps tail is a bad sign in a world where congress is debating even more spending and megacap tech companies are running out of cash to burn on AI capex.
