“Miserable” 20Y JGB Auction Tails Most Since 1987, Adding To Bond Gloom

This morning global bond yields hitting a 15 year high, a move that was catalyzed by what Bloomberg dubbed a “miserable” 20 year auction, which priced with the longest tail – or the difference between average and cut-off prices – since 1987, while the bid-to-cover ratio fell to the lowest since September. The Ministry of […] Source