Treasury Sells $39 Billion in 9-Year, 10-Month Note Reopening

The U.S. Treasury sold $39 billion of 9-year, 10-month notes on Oct. 7 at a 5.300% high yield, offering markets a fresh indication of government borrowing costs as the securities were reopened rather than newly issued.

The auction drew $108.995 billion in tenders, with $39.926 billion accepted. The bid-to-cover ratio was 2.77, meaning total bids equaled 2.77 times the amount offered.

The notes mature Aug. 15, 2036, and carry a 4.625% coupon. They were priced at $94.864261 per $100 of face value. Federal Reserve holdings accounted for $926.29 million of accepted bids.

Separately, Secretary of State Marco Rubio invoked the ancient Greek concept of “thumos” during remarks in Athens, with the Acropolis and Parthenon behind him.

“This thumos, as the Ancient Greeks called it - the fire of passion, strength, courage, pride - is the heart of great civilization,” Rubio said.

Rubio connected the idea to Western competitiveness and described U.S. efforts to expand activity in advanced manufacturing, artificial intelligence, drones, weapons, chips, minerals and cyber capabilities.

The Treasury notes are scheduled to mature Aug. 15, 2036.