US sells 10-year notes at 4.834% vs 4.849% WI

This was a reopening so it’s 9 years, 11 months.

This should unwind some of the angst about Bessent’s buyback as it’s a 1.5 bps stop through, which is the most since April 2025.

In any case, this is still the most the Treasury has paid to borrow of 10 years since 2007.

• Bid to cover at 2.71 vs 2.53 prior

This article was written by Adam Button at investinglive.com.