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BLBG: Treasuries Erase Gains as Apple Joins 30-Year Issuance Parade
 
Yields rebound after following U.K. rates to session lows
5-, 10- and 30-year yields test 50-day moving averages
Treasuries erased gains and were little changed in late trading after Apple Inc. joined three other companies issuing 30-year debt this week.

The 10-year yield was lower by less than a basis point at 2.464 percent at about 2:45 p.m. in New York after paring a drop of 3.9 basis points. It reached session lows in early U.S. trading concurrently with the U.K. 10-year yield, which fell as much as 8.8 basis points as market-implied odds of a Bank of England rate hike this year faded after its policy meeting and news conference.

The gain in gilts resembled the reaction by Treasuries to Wednesday’s Fed statement, which was less hawkish than some expected and left market-implied expectations for a March rate increase near 20 percent, judging by fed fund futures
5Y, 10Y and 30Y yields traded below their 50-day moving averages before rebounding
30Y yield erased a drop of 3.6bp, pushing the 5s30s curve above 116bp for first time since mid-December, extending Wednesday’s curve reaction to the FOMC statement
Steepening has additional support from IG issuance slate, which includes 30Y debt from Apple and Johnson Controls; Apple’s 6-part $benchmark follows jumbo deals with 30Y and 40Y tranches from Microsoft and AT&T this week
Yields fell even as initial jobless claims declined more than forecast to 246k (vs 250k est.); preliminary 4Q nonfarm productivity rose 1.3% (vs 1.0% est.) and unit labor costs rose 1.7% (vs 1.9% est.)
Source