NEW YORK (MarketWatch) -- The Treasury Department sold $21 billion in 10-year notes on Wednesday at a yield of 3.448%, higher than traders anticipated, according to CRT Capital Group. The sale is a reopening, meaning the debt to be sold will carry the same coupon and maturity as the original issue sold last month. Reopenings tend to have different receptions than new-debt sales. Bidder offered to buy 2.62 times the amount of debt being sold, compared to an average of 2.92 times at the last four reopenings. Indirect bidders, a group of investors that includes foreign central banks, purchased 35% of the sale, compared to an average of 45.2% of the last four sales, most of which preceded a change in how bids were tallied that effectively pushed up the amount of debt shown going to indirect bidders. The broader bond market extended losses after the auction, pushing yields higher. Ten-year note yields (UST10Y 3.39, +0.01, +0.41%) rose 5 basis points to 3.43%, while 2-year yields (UST2YR 0.73, +0.01, +1.11%) spiked briefly higher then returned to sit little changed at 0.73%.

Source