An auction of $13 billion in 30-year Treasury bonds saw weak demand on Thursday, sparking a selloff in the secondary market that pushed yields higher. The new bonds were added to a previously issued series, in what is known as a reopening auction. Following the auction, the 30-year Treasury bond yield rose 3.9 basis points and the 10-year Treasury yield rose three basis points. Thursday's weak demand resulted in a closing yield of 2.597%, 3.2 basis points above the market's expectations. This is the widest divergence for a reopening auction since June 2013. Dealers took down 41.8% of the auction, which is the largest takedown in a reopening since March 2014.
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