The U.S. Treasury’s $42 billion 10-year note sale on November 10 was fully subscribed, but bid-to-cover coverage fell to 2.46 from 2.77 in October. Indirect bidder participation also declined to 61.2% from 80.3%, while the high yield was 5.02%. The Treasury was set to auction $25 billion of 30-year bonds on November 12, settling on November 16, to assess demand for long-term government debt. If weaker demand raises yields and tightens financing conditions, investors could reduce their exposure to Bitcoin. The $125 billion refunding operation replaces about $97 billion of privately held maturities and raises roughly $28 billion in new private cash, meaning the headline $25 billion sale represents gross issuance rather than entirely new borrowing.
Source: Read the original article
