A disappointing auction of new 30-year bonds on Thursday took some steam out of the credit markets.

The U.S. Treasury awarded $11 billion of new bonds at an average yield of 6.33%. But auction results were seen as disappointing given the 2 basis point difference between the average yield and the high bid. The yield of the new bond rose to 6.36% on a when-issued basis after the auction was completed.

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