The two-year note traded at a price to yield 7.82 percent.

The new notes did not trade well after the results were announced.

Yesterday, those notes were trading at a yield of 7.76 percent.

The one-year note traded at 6.66 percent, up 7 basis points.

The notes would trade at a large discount from their face value.

That possibility has helped cause 30-year bonds and 10-year notes to trade at similar yields recently.

As such, they said, the notes would trade below par.

The one-year note traded at 6.49 percent, off 4 basis points.

The notes do not trade, because Orange County owns the entire issue.

The new interest rate would be high enough that the notes would trade for 102 to maturity.