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Tuesday 02nd of December 2008
January 24, 2007

US Treasury bonds mixed ahed of 2-year auction


by Elaine Frei

Prices and yields were mixed on US Treasury bonds on Wednesday morning ahead of a scheduled sale of two-year notes and after Tuesday’s auction of 20-year inflation protected securities that saw strong demand. Yet another auction, this time of five-year bonds, is expected on Thursday.

At late morning in New York, two-year Treasury bonds were lower by 2.6 basis points to a yield of 4.928 percent, while yields were higher on ten-year bonds, up 0.2 basis points to 4.812 percent.

In the UK, the news that the vote on the most recent interest rate hike earlier this month was a very close 5 - 4 in favor of the rate hike produced mixed yields there as well. Late in the day, two-year gilts had dropped 4.5 basis points to yield 5.454 percent, but ten-year gilts had added 1.2 basis points and were yielding 4.912 percent.

Government bonds in the Eurozone saw yields rise after slow demand for a sale of 30 year Bunds in Germany. The two-year Schatz added 0.8 basis points to 3.951 percent, while the ten-year Bund had gained 1.4 basis points to 4.038 percent.

In Japan, the ten year government bond ended the day even at a yield of 1.665 percent.

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