The winning yield of the issuance of 10-year US Treasury bonds is lower than the trading level before issuance, pushing the yield lower.

The U.S. Treasury Department issued $42 billion of 10-year Treasury bonds, with a bid-to-cover ratio of 4.342%, lower than the pre-issuance trading level of 4.354% at the 1:00 PM deadline in New York. The U.S. Treasuries subsequently rose, with the 10-year yield falling to an intraday low of 4.32%, dropping more than 2 basis points during the day.