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Treasurys fall on Greek deal, weak bond auction

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The Associated Press Updated 5:26 PM Thursday, February 9, 2012

NEW YORK — Demand for Treasurys weakened after Greece moved closer to a deal that would prevent the country from defaulting on its debt.

The yield on the benchmark 10-year Treasury note rose to 2.04 percent from 1.99 percent late Wednesday. Its price fell 6.2 cents for every $100 invested.

Earlier Thursday, Greece announced an agreement to cut public spending which had been demanded by the country's lenders. Greece could face a default on its debt next month if it doesn't get more emergency loans.

An auction of $16 billion of 30-year Treasury bonds was met with weak demand. The bonds were sold at a yield of 3.24 percent. There were $2.47 worth of bids for every dollar sold, lower than the average of $2.77 in the last six auctions.

The yield on the 30-year bond rose to 3.19 from 3.15 percent, while its price fell 56.25 cents.

In other trading, the yield on the two-year bill rose to 0.27 percent from 0.26 percent.

The three-month T-bill paid a yield of 0.08 percent.

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February 09, 2012 10:22 PM EST

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