US Treasury sells $39B 10-year notes at lower-than-expected yield

Investing.com -- Yields on 10-year Treasury fell Wednesday after the U.S. government sold $39 billion of 10-year Treasuries at a lower-than-expected yield even as demand dipped.

The notes were awarded at 4.421%, 0.7 basis point below the expected yield, or when-issue rate, of 4.428%, but above the 4.342% high seen in the prior auction.

The bid to cover ratio, a gauge of demand, for the auction was 2.52, down from 2.60 previously.

International demand led the bidding, accounting for 70.6%, while direct bidders accounted for 20.5% of the auction.

The yield on the United States 10-Year fell 6.6 basis points to 4.41% following the auction result.

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