Elizabeth Stanton

The new 10Y note to be sold via $42b auction at 1pm (the May 2035) appears likely to wind up with a 4.25% coupon, vs 4.625% for the current (the Feb 2035). That issue got as rich as 3.86%, on April 4.

Beth Stanton @beth_stanton

Please welcome your new 10-year note, paying 4.625% a year until Feb 2035! A $42b single issue that will grow to $120 billion over the next two months. What will the coupon be on the NEXT new 10-year (the May 2035)?

#TreasuriesToday: Yields narrowly mixed with curve steeper, off session highs including highest 10Y & 30Y in more than a week. $42b 10Y new-issue (May35) auction at 1pm. WI yield ~4.36% is between last two 10Y auction results & indicates a 4.25% coupon (vs 4.625% for the Feb35).

#TreasuriesToday: Yields lower by as much as 3bp inside Friday's ranges with curve steeper. May-July auctions begin (a day earlier than normal to keep Wednesday clear for FOMC communications) with $58b 3Y at 1pm. WI yield near 3.77% is ~1bp lower than last month's result.

#TreasuriesToday will return May 5, rested and ready. Peace https://t.co/mki4dqQh62

#TreasuriesToday: Yields lower by as much as 4bp across flatter curve & this week's auctions in the money. May options expire. Ahead next week: Treasury previews May-July auction sizes Weds (no changes to nominals expected) & month-end to extend index duration by 0.07yr (est).

#TreasuriesToday: Yields lower by 2bp-4bp inside Wednesday's ranges. $44b 7Y auction at 1pm is last coupon sale until May 5 start of next refunding quarter (details TBA April 30). WI yield 4.17% is lower than 7Y stops since September. New 5Y 3.97% vs 3.995% auction result.

#TreasuriesToday: Yields lower led by 30Y, down 13bp at weekly low under 4.75%, with stock futures bright green. 5s30s curve 79bp vs Monday's high 96bp. $70b 5Y auction at 1pm. WI yield near 3.96% is < 5Y auction results since Sept. New 2Y 3.81% vs Tuesday's 3.795% auction stop.

#TreasuriesToday: Short-maturity yields higher by ~3bp while long-dated tenors slide. 5s30s curve ~89bp after topping 96bp yday, steepest since 2021. April's last coupon auction cycle begins with $69b 2Y at 1pm. WI yield near 3.78% is lower than 2Y auction results since Sept.

#TreasuriesToday: Yields higher by 3bp-4bp. $25b 5Y TIPS new-issue auction at 11:30am. WI yield near 1.75%. Next week's auction sizes at 11am: $69b 2Y, $70b 5Y, $44b 7Y projected. Pre-holiday early-close times: 1pm futures settlement & index pricing, 2pm cash market (Sifma reco).

#TreasuriesToday: Yields lower by as much as 3bp with curve steeper. $13b 20Y reopening (2nd) at 1pm. WI yield 4.825% compares with 4.632% result of 1st reopening but nearly matches Feb new-issue yield. Buyback (cash management) of up to $8.5b in 1M-2Y sector closes at 2pm.