Investors offered the U.S. Treasury over 11 times its debt buyback

The Treasury accepted $1.327 billion to buy back its own debt, but investors offered $14.763 billion, more than 11 times that amount. The purchases target coupon securities maturing in 2028 and 2029, covering 12 of 33 eligible issues. The timing matters as the 10-year yield approaches 5.3% and China’s Treasury holdings have fallen from $1.3 trillion in 2013 to about $618 billion.