Supply-Induced Bond Selloff Lifts U.S. Yield to Multi-Week High

U.S. corporate new-issue calendar, on cue, roars back to life
Treasury auction cycle begins; Germany and U.K. also sell debt

A pedestrian passes in front of the New York Stock Exchange (NYSE) in the Financial District of New York, U.S., on Friday, March 5, 2021. Stocks climbed as technology shares rebounded from an earlier selloff.Photographer: Michael Nagle/Bloomberg

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By James Hirai and William Shaw

September 7, 2021 at 12:18 PM UTC

Updated on

September 7, 2021 at 5:20 PM UTC

This article is for subscribers only.

A selloff across rates markets is intensifying amid a deluge of government and corporate bond sales in the U.S. and Europe.

U.S. benchmark borrowing costs climbed to the highest level in weeks ahead of the sale of $120 billion of debt starting Tuesday. Meanwhile the corporate new-issue calendar roared back to life on what historically has been one of the heaviest days of the year -- the day after the U.S. Labor Day holiday.