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Treasuries climbed across the curve, driving two-year yields down three basis points to 3.51%. Money markets almost fully priced in three Fed reductions by the end of 2025.
BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.
Fiscal uncertainty in the US and the fact that Treasury yields aren't high enough to reflect the risk of holding them is making the securities less attractive.
Long-dated Treasury yields had reached the lowest levels in more than a month just a day earlier, attributed to investors and traders positioning for the end of the Fed's historically aggressive tightening cycle.
There's an unusual contributing factor: wild swings in markets mean borrowing windows often shut before firms can begin to sell their bonds.
