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Bonds News

TREASURIES-Yields little changed as investors look to upcoming auctions

 (Updates with market activity, details on Fed program)
    By Ross Kerber
    June 7 (Reuters) - Traders left U.S. Treasury yields little
changed on Monday as they waited on the results of upcoming
government bond auctions, while a Federal Reserve reverse
repurchase facility took in a record amount of money.
    The benchmark 10-year yield was up less than a
basis point at 1.567% in afternoon trading on Monday. 
    Major U.S. equity indexes dipped as investors weighed a deal
by the world's richest nations on a global minimum corporate
tax.
    "There's no reason to break out of the range right now,"
said Cantor Fitzgerald analyst Justin Lederer. He said he
expects few factors could move Treasury prices much before a
meeting of the U.S Federal Reserve next week.
    The U.S. Treasury Department is scheduled to auction about
$120 billion of notes and bonds starting on Tuesday, the results
of which will show investor appetite for three-year, 10-year and
30-year government debt.
    The amount of money flowing into the U.S. Federal Reserve's
reverse repurchase facility hit an all-time high of $486.1
billion on Monday, about a billion dollars more than the
previous record on May 27.
    The high amounts put pressure on short-term interest rates,
trading just above zero. Jim Barnes director of fixed income for
Bryn Mawr Trust, said the records reflect government money funds
parking cash even without an interest payment.
    A closely watched part of the U.S. Treasury yield curve
measuring the gap between yields on two- and 10-year Treasury
notes, seen as an indicator of economic
expectations, was at 141 basis points, less than a basis point
higher than Friday's close.
   The two-year U.S. Treasury yield, which typically
moves in step with interest rate expectations, was up less than
a basis point at 0.1527%.
    
      June 7 Monday 2:14 PM New York / 1814 GMT
                               Price        Current   Net
                                            Yield %   Change
                                                      (bps)
 Three-month bills             0.025        0.0253    0.005
 Six-month bills               0.04         0.0406    0.003
 Two-year note                 99-242/256   0.1527    0.004
 Three-year note               99-210/256   0.3116    0.009
 Five-year note                99-204/256   0.7917    0.008
 Seven-year note               100-22/256   1.2371    0.007
 10-year note                  100-136/256  1.567     0.007
 20-year bond                  101-100/256  2.1637    0.009
 30-year bond                  102-204/256  2.2461    0.007
                                                      
   DOLLAR SWAP SPREADS                                
                               Last (bps)   Net       
                                            Change    
                                            (bps)     
 U.S. 2-year dollar swap         7.25        -0.25    
 spread                                               
 U.S. 3-year dollar swap        11.25        -0.25    
 spread                                               
 U.S. 5-year dollar swap         7.00        -0.50    
 spread                                               
 U.S. 10-year dollar swap       -3.25        -0.25    
 spread                                               
 U.S. 30-year dollar swap      -29.25        -0.25    
 spread (Reporting by Ross Kerber in Boston
Editing by Chris Reese)
  
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