85 sats \ 5 replies \ @grayruby 14 Apr \ on: Can a Treasury Auction Fail? econ
Isn't the tail simply the difference between the lowest price paid at auction and the average auction price?
Lavish is the best.
Wow. You're good. You can skip the beginning.
The tail is the high yield minus the bond’s when-issued yield
Positive tail means weaker than expected demand
Larger positive tail means worse auction