Treasury Buyback [Liquidity Support, 20-30 year, max USD 6bln]: Accepts USD 6bln of USD 14.89bln offers; Accepts 10 of 34 eligible securities

Liquidity-support buybacks in the long end have run on a regular cadence as part of the buyback programme, with the 20 to 30 year bucket a recurring target; the results are read against the established template rather than as novel information. The tail into the buyback was consistent with the pattern of these operations, where dealers tend to offer the cheaper, less liquid lines in the eligible basket and the operation accepts the cheapest-to-deliver end of the offered set. The acceptance of a subset of eligible securities is the norm for these operations, not the exception. The follow-ons that have mattered in past episodes are the next operation in the calendar and any change to the maximum size or the eligible basket, since those signal the intent rather than any single result. The 20 to 30 year sector has been the part of the curve where liquidity premia have been most sensitive to the buyback cadence in prior episodes.