Bonds were flat to slightly stronger in the overnight session, but lost ground over the past half hour following the announcement of corporate bond offering from Apple. Past examples of similar bond offerings suggest a size in excess of $6bln, which is enough to move the needle for the bond market just a bit.
To understand how this plays out, there's a primer in the MBS Live knowledge base.
10yr yields are up 1.8bps at 4.328, and MBS are down 2 ticks (.06).
