[The winning bid yield for U.S. 2-year Treasury bonds was higher than the pre-issuance trading level, and direct bidders received record allocations] On October 27, the U.S. Treasury Department issued $69 billion in 2-year Treasury bonds, with a winning bid yield of 4.708%, higher than the pre-issuance trading level of 4.705% when bids closed at 1 p.m. New York time, indicating that demand was slightly less than expected, although direct bidders received record allocations. At that time, the 2-year U.S. Treasury bond yield rose about 3 basis points during the day, close to the intraday high, and basically remained stable after the issuance results were announced. The 2s10s spread is still about 4 basis points flat on the day. The allocation ratio for primary dealers was 12%, slightly lower than last time; the allocation ratio for direct bidders rose to 41.3%, while the allocation ratio for indirect bidders dropped to 45.7%, the lowest in the past five years. The bid-to-bid multiple was 2.59 times, compared with the average of 2.64 times over the past six issuances.