U.S. 10-year Treasury issue yields 4.235 per cent in winning bids, bid multiples highest in eight years

The winning yield for the US Treasury's $39bn 10-year Treasury auction was quoted at 4.235 per cent, compared with 4.252 per cent in pre-issue trading at the 1pm New York time bidding deadline. Primary dealers were allocated 10.5 per cent, down from the previous auction. Indirect bidders were allocated 70 per cent, while direct bidders were allocated 19.5 per cent. the bid multiple of 2.70 was the highest since 2016, after averaging 2.54 times in the previous six auctions.