US Treasury renewed its $22 billion 30-year Treasury note with a win the bidding yield of 4.535 per cent and a pre-issue yield of 4.523 per cent at the 1pm New York time invite tenders close. Primary dealers were allocated 14.4 per cent, up from the previous round. Direct bidders were allocated 19.1 per cent and indirect bidders were allocated 66.5 per cent. The bid multiple was 2.39 times, lower than the average of 2.42 times for the past six renewals.
The win the bidding yield for the US Treasury 39 billion $10-year Treasury auction was 4.235 per cent, compared with 4.252 per cent for pre-issue trading at 1pm New York time. Primary dealers were allocated 10.5 per cent, down from the previous auction. Indirect bidders were allocated to 70 per cent and direct bidders to 19.5 per cent. The bid multiple of 2.70 was the highest since 2016, with the previous six auctions averaging 2.54 times.
China's central bank: today 700 million yuan 7-day reverse repurchase operation, win the bidding interest rate of 1.70%, the same as before.
US Treasury issued $70 billion five-year Treasury bonds, winning the bidding yield at 3.645%, slightly higher than the pre-issue trading level of 3.642% at the deadline of 1:00 pm EST, still the lowest result since April 2023. The US bond market did not respond much to the bid result. The 5-year yield still rose by about 1.5 basis points during the day, and the 5s30s spread was basically flat at about 46 basis points. The proportion of primary dealers allocated was 13.2%, slightly lower than the...