SHORT ANSWER
The core idea
An auction is commonly described as tailing when the awarded yield is higher than the yield indicated in the market immediately before the auction.
THE MECHANISM
What is happening underneath
A tail suggests the new supply required a concession to clear.
MARKET INTERPRETATION
How investors should read it
The size and meaning of a tail should be judged relative to normal auction volatility for that security.
BONDSTATS TAKEAWAY
The same market move can carry different information depending on which maturity, issuer and risk premium is changing. Read the question together with the underlying concepts rather than treating one price move as a universal signal.
RELATED CONCEPTS
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