Photo: AP Photo/Jason Redmond
Demand fell precipitously for 10-year treasury notes today, with the bid-to-cover ratio falling to 2.86, its lowest reading since November 2010.More than $60 billion was tendered for the $21 billion in notes. Primary dealers like Morgan Stanley, Goldman Sachs and Cantor Fitzgerald, placed more than 77% of all bids, as demand from foreign monetary authorities declined.
The notes maturing on August 15, 2021 priced at $98.717572, returning a yield of 2.271%, up from just 2.243% before the auction.
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