nvesting.com -- The U.S. government sold $42 billion of 10-year Treasuries on Wednesday at a higher-than-expected yield as demand eased.
The notes were awarded at 3.960%, 3.1 basis point above the expected yield, or when-issue rate, of 3.929%, but below the 4.276% high seen in the prior auction.
The bid to cover ratio, a gauge of demand, for the auction fell to 2.32 from 2.58 seen in the prior auction.
International demand led the bidding, accounting for 30.84%, while director bidders accounted for 12.66% of the auction.
The yield on the United States 10-Year was at 3.966%, after trading at around 3.982% at the highs of the day.