Weak U.S. 20-Year Treasury Auction Sparks Speculation of Potential Suspension
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The U.S. 20-year Treasury auction results disclosed on October 22, 2026, showed a high yield of 5.469%, the highest on record for this tenor, up 49 basis points from September; the tail was 0.9 basis points through the when-issued yield, marking the fourth consecutive tail. The bid-to-cover ratio was 2.73, an improvement from 2.57 in the previous month and the highest since June. ZeroHedge cited Citi's view that U.S. Treasury Secretary Bessent may announce the suspension of 20-year Treasury auctions, and this weak auction could be one of the last few for this tenor.
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- ZeroHedgeAnother Soft Tail For 20Y Auction: Is This One Of The Last?
The only coupon auction of the week was the 20Y, which tailed at 5.469%, the highest ever for this tenor, up 49bps from September, and 0.9bps through when-issued, the 4th consecutive tail.
Trend of this event
Not enough consecutive observations yet; trend is not drawn.