(Bloomberg) — Treasury yields retraced a portion of last week’s steep declines amid a deluge of new corporate bonds and anticipation of two auctions during a holiday-shortened week.
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Longer-maturity yields led the move, rising six to eight basis points. The benchmark 10-year note’s climbed as much as seven basis points. Last week it fell more than 21 basis points, reaching the lowest level since March, spurred mainly by benign consumer prices data released Wednesday.
With no major economic data slated, companies needing to sell bonds took the opportunity to do so — with 13 lining up, including Home Depot Inc. with a nine-part offering that includes 10-, 30- and 40-year maturities. Last week was the slowest of the year for new corporate bond sales as borrowers were sidelined mainly by the inflation data and Wednesday’s Federal Reserve statement on interest rates.
While the new corporate bond supply had…
