US sells USD 22bln of 30-year bonds; stop-through 0.7bps

• High Yield: 4.871% (prev. 4.750%, six-auction avg. 4.736%); WI: 4.878%.
• Tail: -0.7bps (prev. -2.1bps, six-auction avg. 0.2bps)
• Bid-to-Cover: 2.45x (prev. 2.66x, six-auction avg. 2.39x)
• Dealers: 9.4% (prev. 5.9%, six-auction avg. 11.3%)
• Directs: 27.2% (prev. 24.2%, six-auction avg. 23.3%)
• Indirects: 63.4% (prev. 69.9%, six-auction avg. 65.4%)

The recent auction of 30-year bonds came in with a higher yield than previous offerings, indicating a slight uptick in market expectations for long-term borrowing costs. The bid-to-cover ratio has decreased, suggesting weaker demand compared to the prior auction, which could reflect rising concerns about inflation or shifting investor sentiment. This outcome may push rates higher and impact risk sentiment, particularly as it contrasts with the typical demand for safe-haven assets.