[Subscription demand for the 10-year U.S. Treasury bond issuance fell short of expectations despite the highest coupon rate in 20 years] On November 11, the winning bid for the $42 billion 10-year Treasury bond issued by the U.S. Department of the Treasury yielded 5.020%, which was higher than the pre-issuance trading yield of 5.010% when the bidding deadline at 1 p.m. New York time, indicating that demand was lower than expected. As of the deadline for bidding, the yield on U.S. Treasury bonds of this period had risen by more than 12 basis points that day. After the issuance results were announced, yields rose slightly, but were still within the day's fluctuation range; the difference between the 2-year and 10-year U.S. bond yields recovered slightly from the lowest level of the day, and was still about 6 basis points narrower than Monday's closing. Although the current yield level is still lower than the winning bid yield when the bond was issued last month, last month was an additional issuance, and the coupon rate of the newly issued 10-year treasury bonds this month is 5%, which will be the highest since 2006. The allocation ratio of primary dealers was 9.8%, which was up from the historical low last month; the allocation ratio of indirect bidders dropped to 61.2%, offsetting the impact of the increase in the allocation ratio of direct bidders to 29%, which was the highest since 2013. The bid-to-cover ratio was 2.46, and the average bid-to-cover ratio for the past six new 10-year bond issuances was 2.45 times.