Treasury’s $24 billion 30-year bond auction goes poorly, trader says

Thursday afternoon’s $24 billion sale of 30-year Treasury bonds drew weaker-than-expected demand, according to Greg Faranello, head of U.S. rates trading and strategy at AmeriVet Securities in New York, citing the bid-to-cover ratio and yield concession which came in. The 1 p.m. Eastern time auction caps a trio of sales that have taken place since Tuesday, totaling $112 billion, and which were seen as important tests of demand. Treasury yields moved up slightly after the Thursday’s auction results came out, reflecting a further selloff in underlying government debt.