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Ugly, Tailing 30Y Auction Sees Foreign Demand Tumble, Dealer "Backtop" Bid Jump

After yesterday's stellar 10Y auction, which saw the 5th highest Indirect take down on record, today's reopening of $22BN in 30Y paper (via Cusip UU0) was a mirror image: ugly, poor foreign demand, and tailing.

Starting at the top, the auction priced at a high yield of 5.02%, down fractionally from 5.046% last month (which was the first 5% coupon auction in history). And just like last month, today's auction also tailed the When Issued 5.008% by 1.2bps; this was the third tailing 30y auction and was also the biggest tail since August 2025.

Next, we look at the bid to cover which at 2.328 was a bit higher than last month's 2.303, which however was the lowest this year; it means that the BtC was well below the recent average of 2.43.

The internals were even uglier: in contrast to yesterday's surge in Indirect demand, today's Indirects took down just 59.95%, down from 66.6% and the lowest since August 2025. And with Directs rising to 25.31%, above the six-auction average of 23.7%, Dealers were left holding 14.74%, or the highest since July 2025.

In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from Dealers in almost a year. Whether this was the result of today's red hot PPI, or because investors are allocating capital to SpaceX and have little left to fund US spending, remains to be seen. 

Tyler Durden Thu, 06/11/2026 - 13:41

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Backroom Detente: A Curious Lack Of Iranian Strikes On UAE, While Others Get Hit

President Trump is vowing another consecutive night of even heavier US military strikes on Iran. Yesterday's salvo involved at least 49 Tomahawk missile strikes, mainly happening against southern coastal areas off the Strait of Hormuz.

Amid Iran's counter-attacks on Gulf nations and reportedly on American bases hosted in these Arab Gulf allied states, there's been a curious lack of any new launches against the United Arab Emirates. 

Kuwait and Bahrain have been hit especially hard in this week's new flare-up in cross-Gulf fighting, but again, the UAE has been spared - after previously coming under significant attacks during the opening month of Operation Epic Fury. Even faraway Jordan has been targeted in the new 'retaliatatory' attacks.

But Bloomberg on Thursday revealed the reason - Iran and the UAE have apparently reached an 'understanding' after some backroom dealing and diplomacy.

"Senior national security officials from the United Arab Emirates and Iran held a face-to-face meeting for the first time since the start of the US-Israeli war against Tehran, according to people with knowledge of the situation," Bloomberg reports.

"This week’s meeting marked a stark turnaround for both sides and comes amid their growing acknowledgment of the importance of calmer bilateral ties, the people said, asking not to be named discussing sensitive matters," the fresh reporting continues.

In the UAE's thinking, it has too much to risk if it continues to face Iran's significant ballistic missile and drone arsenal, at a moment Washington has failed to clearly define an end game, but instead is climbing up the escalation ladder with a cornered and thus fierce Iran, which sees itself fighting for its very survival.

According to more from Bloomberg:

The UAE’s leaders want to keep their bold economic ambitions, including investing billions of dollars in increased oil production and in AI data centers, on track. The relationship is important for Tehran too, as the Gulf nation was among the Islamic Republic’s biggest trading partners before the war began and a key conduit for sanctioned Iranian oil.

Other leaders - both on the political and business fronts - are also likely asking themselves: when will it end? 

After all, each time the United States escalates, it's these Gulf economies that are the first to feel the pain, as they literally find themselves on geographic the front line just a few hundred miles away from Iran's borders. 

If it is indeed accurate that Gulf nations are approaching Iran to do individual separate deals, this is for now a diplomatic 'win' for Tehran. Separate deal-making, peeling others away from a united front and bloc, gives Iran some greater leverage and also flexibility in terms of potential post-war economic and political detente with regional states.

Tyler Durden Thu, 06/11/2026 - 13:20

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Pardoned J6er Sues Government For $18 Million Over Alleged Abuse In Pretrial Detention

Authored by Matthew Vadum via The Epoch Times,

A former Jan. 6 defendant who alleged torture and other abuse in custody is suing the federal government for almost $18 million.

The lawsuit by Ryan Samsel of Bristol, Pennsylvania, was filed late June 9 in federal court in Virginia, six months after he gave the government the legally required notice he was planning to litigate.

He is seeking $17,980,000 from the federal government for physical and mental injuries suffered from January 2021 through January 2025.

According to the newly filed legal complaint, Samsel was convicted in February 2024 of civil disorder-related offenses in connection with the Jan. 6, 2021, U.S. Capitol breach and was incarcerated and awaiting sentencing when President Donald Trump pardoned him last year.

Specifically, he was convicted on felony charges of civil disorder; assaulting, resisting, or impeding officers; and assaulting, resisting, or impeding officers using a dangerous weapon, the U.S. Department of Justice (DOJ) previously said. Samsel disputes the criminal allegations.

Samsel alleges he was subjected to physical and psychological abuse while in custody at facilities operated by the DOJ and the U.S. Bureau of Prisons in the District of Columbia and Virginia.

At those facilities, “he was repeatedly beaten, subject to other incidents of extraordinary physical and mental abuse and routinely denied medical care.”

In addition, he was “wrongfully detained for one day after receiving a full pardon, based on false allegations of an outstanding warrant made by the prosecutor.”

The DOJ also leaked false information to the media indicating that Samsel was a member of the Proud Boys, the complaint alleges.

The group, some of whose members have been accused of violence, describes itself as a patriotic drinking club.

The complaint says that during his incarceration, Samsel suffered orbital bone fractures and bilateral nasal bone fractures.

Among his other injuries were a dislocated jaw, multiple concussions, traumatic brain injuries, an acute kidney injury, and stab wounds to his legs, ankles, and arms.

He experienced severe post-traumatic stress disorder and cognitive and memory impairment “attributable to repeated head trauma and prolonged psychological torture.”

He also suffered “retaliatory solitary confinement with continuous lighting, sleep deprivation, public degradation in the restraint chair, and exposure to extreme violence and unsanitary conditions at the Facilities.”

Samsel’s attorney, Peter Haller, declined to comment on the freshly filed lawsuit.

In a prior court filing, Haller said, “Given the severity, duration, and documented multiplicity of the abuses suffered by Mr. Samsel, he is likely to be recognized as the most tortured individual by the Federal Government in recent American history.”

The Epoch Times reached out to the DOJ for comment but received no reply by publication time.

Tyler Durden Thu, 06/11/2026 - 13:00

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