Bond Auction Flops Send Yields Higher, Conoco Buying Marathon
Yesterday saw back to back flops in the US treasury market. Demand was lackluster as Yellen & Co issued a combined $139B in 2 year and 5 year notes. This sent yields rising across the board. Elsewhere ConocoPhillips has announced a $17.1 billion merger with Marathon Oil. This is the third major deal in the energy space this year following Exxon Mobile's plan to buy Pioneer Resources and Chevron's plan to acquire Hess.
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