[The U.S. 10-year Treasury bond bidding and subscription demand is strong and the bid multiple has increased significantly] On October 8, the winning bid yield for the US$39 billion 10-year Treasury bond issued by the U.S. Department of the Treasury was 5.3%, which was significantly lower than the pre-issuance trading yield of 5.317% before the bidding deadline. After the auction results were announced, the 10-year U.S. Treasury yield quickly fell to an intraday low, and the previous steepening trend of the 2-year and 10-year yield curves flattened slightly. The allocation ratio of primary dealers is 2.5%, which is far lower than the recent average level of 8.5%; the allocation ratio of indirect bidders has increased to 80.3%, and the allocation ratio of direct bidders is 17.1%. The bidding multiple is 2.77 times, which is significantly higher than the average level of 2.55 times in the past six renewal transactions.