US to sell $12 billion in long bonds

The when-issued market is pegging the auction rate at 2.460% on the bid side. That's well above the most-recent sale, which was at 2.274%.

Coming into the day, the WI market was priced at 2.420% but that's moved up in a broad bond market selloff as yields move up to pre-Brexit levels.

This sale is a reopening, which means its additional issuance of a bond that's already trading. Strategists at JPMorgan note today that reopenings in the past two years have drawn better demand than new auctions or second reopenings.

This sale could set the table for broad markets in the next week. If demand for bonds remains low and yields continue to rise, the 'sell everything' theme in markets could extend.