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04-26-2011, 02:57 PM #1
Benchmark Treasurys Hold Gains After Fair 2-Year Notes Sale
APRIL 26, 2011, 1:12 P.M. ET.
Benchmark Treasurys Hold Gains After Fair 2-Year Notes Sale
By Min Zeng
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Benchmark Treasurys held gains Tuesday after a sale of $35 billion in two-year notes enticed fair demand.
The Treasury Department sold the notes at a yield of 0.673%, almost matching the 0.671% traded right before the sale. That suggests the auction is basically in line with dealers' expectations.
The indirect bid, a measure of demand from foreign investors including central banks, was 37.9%, the highest level since November and compared with the average of 28.5% for the previous four auctions.
A measure of overall demand, the bid to cover ratio was 3.06, compared to the average of 3.34 for the previous four auctions.
In recent afternoon trading, the benchmark 10-year note 8/32 higher in price to yield 3.333%, compared to 3.329% right before the sale. Bond prices move inversely to yields.
The two-year note was flat to yield 0.631%, the same level as right before the auction.
Investors prepared for a key interest-rate decision by the Federal Reserve. Fed policy makers started a two-day policy meeting Tuesday. The focus will be on their interest-rate policy statement due for release at 12:30 p.m. EDT Wednesday followed by Fed Chairman Ben Bernanke's news briefing at 2:15 p.m. EDT the same day.
-By Min Zeng, Dow Jones Newswires; 212-416-2229; min.zeng@dowjones.com
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