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

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 as demand climbed.

The notes were awarded at 4.033%, 1.3 basis point below the expected yield, or when-issue rate, of 4.046%, but down from the 4.255% high seen in the prior auction.

The bid to cover ratio, a gauge of demand, for the auction was 2.65, up from 2.35 previously.

International demand led the bidding, accounting for 52%, while direct bidders accounted for about 38% of the auction.

The yield on the United States 10-Year fell 4.8 basis points to 4.03% following the auction result.