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Mediocre, Tailing US 10Y Auction Sees Subdued Foreign Demand
With the bond market closed on Tuesday for Veterans Day, the week's staggered Treasury auction schedule caught up with where it should be at 1pm ET today when the Treasury sold $42BN in 10Y notes as part of the quarterly refunding exercise, in what was a mediocre auction. The auction priced at a high yield of 4.074% down from 4.117% last month, and the second lowest since last October; it also tailed the When Issued 4.068% by 0.6bps, the second straight tail (followed a 0.3bps tail in October). The bid to cover also disappointed, dropping from 2.478 to 2.433, which was the second lowest since August 2024. The ... (full story)
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Nov 12, 2025 5:49pm
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