Weak demand at auction of 30-year Treasury bonds

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A government auction of 30-year Treasury bonds is drawing weak bids as investors return to buying European debt.

The Treasury Department sold $13 billion in 30-year bonds Thursday at a higher yield than similar bonds fetched on the market at the time. A bond’s yield rises as its price falls.

Data from CRT Capital Group LLC shows demand for the bonds was weaker than the average over the past four auctions.

Strong debt auctions by Spain and Italy on Thursday likely siphoned investors’ cash out of the Treasury market.

The yield on the 10-year Treasury note is up to 1.92 percent, from 1.91 percent late Wednesday. The yield dipped briefly below 1.9 percent earlier Thursday after a weak report on unemployment claims.