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U.S. Treasury yields, including the benchmark 10-year, came off their session highs on solid investment demand for the benchmark government bond.
The Treasury Department held a $39 billion auction of 10-year bonds on Oct. 7, resulting in a high yield of 5.3 percent, the highest in 26 years.
The sale was strong, with foreign investors—sovereign wealth funds, central banks, and international banks—scooping up more than 80 percent of the auction. This was far higher than the 10-year auction average of around 72 percent.
Direct bidders—institutional and non-institutional U.S. investors—took on a little more than 17 percent of the supply, below the decade average of 18.3 percent. Primary dealers—major banks and hedge funds—purchased fewer than 3 percent of the bonds, far below the 9 percent average….
The Treasury Department held a $39 billion auction of 10-year bonds on Oct. 7, resulting in a high yield of 5.3 percent, the highest in 26 years.
The sale was strong, with foreign investors—sovereign wealth funds, central banks, and international banks—scooping up more than 80 percent of the auction. This was far higher than the 10-year auction average of around 72 percent.
Direct bidders—institutional and non-institutional U.S. investors—took on a little more than 17 percent of the supply, below the decade average of 18.3 percent. Primary dealers—major banks and hedge funds—purchased fewer than 3 percent of the bonds, far below the 9 percent average….
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