The U.S. Treasury Department's reopening auction of $13 billion in 20-year notes resulted in a high yield of 5.163%, marking the second-highest level for this maturity since the bond's reintroduction in 2020.

The awarded yield came in above the 5.158% yield seen in pre-auction trading at the 1 p.m. New York deadline, indicating demand was somewhat softer than anticipated.

Primary dealers were awarded 14.7% of the issue, the highest share since February. Indirect bidders, which include foreign central banks, saw their allocation drop to 69.1%, while direct bidders received 16.2%.

The bid-to-cover ratio, a gauge of demand, was 2.64 times the amount on offer. This figure fell short of the average ratio of 2.74 times seen in the previous six reopening auctions for this security.