20-year U.S. Treasury auction sees weaker-than-expected demand; high yield sets record high.

The U.S. Treasury's $13 billion reopening of 20-year bonds was awarded at a yield of 5.469%, the highest level for this maturity since the Treasury resumed issuing 20-year bonds in 2020. At the 1 p.m. New York time bidding deadline, the when-issued yield was 5.460%, indicating demand fell short of expectations. Primary dealers were allotted 10.3%, below the previous three auctions; indirect bidders' allotment rose to 58.2%, direct bidders received 31.6%, and the bid-to-cover ratio was 2.73, compared with an average of 2.71 over the past six reopenings.