Investments

Bessent had repeatedly criticized then-Treasury Secretary Janet Yellen for boosting the share of bills in US debt.

Refis and resets surge in January as AAA spreads continue to tighten

Long-maturity yields rose as much as four basis points, with the 10-year note's stalling at around 4.53%. A gauge of the dollar held steady after two days of gains.

Collateralized loan obligation activity should increase despite higher-for-longer rates and liability management exercises.

The yield on 10-year US notes fell as much as 12.5 basis points — the most intraday in almost two weeks — to 4.50%, before paring the decline.

Investors and analysts see pockets of value in asset-backed securities, as elevated fiscal policy uncertainty and wariness about the economic environment rise.

By Tuesday's close, they were back well below the 5% mark, with the 30-year's lower on the day by six basis points to 4.80%.

The issuance marks the first time a multilateral climate fund is turning to the capital markets, as cash-strapped developed nations balk at providing the funds needed to cut greenhouse gas emissions.

Wednesday brings the next pivotal data point, with the release of the latest consumer-price figures, which are forecast to show inflation remains sticky.

The $1 billion deal included classes A-L-A and A-L-B were offered as loans.