Daily Market Notes
The 30-Year Tailed by a Tenth of a Basis Point. The Average It Was Scored Against Is the Last Six Auctions.
Yesterday's 22-billion-dollar thirty-year reopening cleared at 5.618 per cent, one tenth of a basis point above the when-issued - a genuine tail, and the same publisher that mislabelled September's stop-through has the word right this time. Dealers took 6.79 per cent against a stated average of 10.3, which the same publisher gave as 11.5 a month ago. We reconstructed that average: it is a six-auction rolling window, and it reconciles on four fields across two windows, four of them exactly. September's 2.2 per cent dealer take is now inside the benchmark it set the bar for. Overnight the pair ran 158.37 to 157.52, two pips through a published twenty-day exponential average, on an Iran headline rather than on supply.