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Tuesday, November 03, 2009
Treasurys Turn Down As Corporate Deals Announced
By Deborah Levine
MarketWatch Pulse
NEW YORK -- Treasury prices gave up earlier gains on Tuesday, sending yields on longer-dated debt higher, as plans of Diageo, International Business Machines and other companies to sell debt sapped demand from the government-bond market. Hedging activity also weighed on Treasurys. California is also selling $900 million in taxable bonds during the session and is having the same impact as company deals. Ten-year Treasury note yields , which move inversely to prices, recently rose 3 basis points to 3.45%. IBM is selling 2-year and 3-year debt, though the amount has not been determined, according to Informa Global Markets. Diageo will sell $500 million in 5-year debt, the firm said.
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