On the heels of yesterday's stellar 10Y auction, this afternoon saw an even more stellar-er 30Y auction with the US government selling $22 billion bonds at 5.058%, the highest result since 2007, vs a 5.061% when-issued yield at the 1 p.m. New York time bidding deadline.

That is the first stop-through (0.3bps) since March (after three ugly tails - June's reopen was the weakest since July 2024)...

The 2.44 bid-to-cover ratio compares well with the 2.39 average for the past six reopenings

• Dealer: 10.05% (prev. 14.7%, six-auction average 10.9%)

• Direct: 12.24% (prev. 25.3%, six-auction average 24.0%)

• Indirect: 77.74% (prev. 60.0%, six-auction average 65.1%)

The internals were also some of the best on record: foreign buyers (i.e., indirects) were awarded 77.7% of the auction, up from 78.21% in June and the 2nd highest on record.

Overall, this was an extremely strong auction, among the best of 2026 as the high yields have clearly attracted foreign demand as tales of de-dollarization continue to ebb.