U.S. 10-Year Inflation-Protected Treasuries Winning Yield Highest Since 2009
The U.S. Treasury issued $20 billion of 10-year inflation-protected Treasuries (TIPS), with the winning bid yield quoted at 2.243%, the highest since January 2009 and 1 basis point above pre-issue trading levels at the time of the bid closure, suggesting that demand was slightly lower than expected. Primary dealers were allocated 10.2%, lower than the previous time, while direct bidders were allocated 23.3% and indirect bidders were allocated 66.5%. Bid multiples were reported at 2.48x, compared with the previous three-time average of 2.39x.
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