The US Treasury sold $39 billion in 10-year notes on September 9. The auction recorded a bid-to-cover ratio of 2.71, marking the highest level of demand since April 2016.
Indirect bidders, including foreign central banks and international institutional investors, acquired 79.2% of the offering. Primary dealers took only 4.3% of the total volume.
The auction cleared at a high yield of 4.834%, a level not seen since August 2007. The final clearing yield was 1.5 basis points lower than the when-issued yield on the secondary market.
The 10-year yield ended the trading session at approximately 4.837%. This event followed a Treasury announcement regarding a $6 billion bond buyback to manage liquidity in older securities.