AUCTION HISTORY: US to sell USD 13bln 20yr Bonds at 18:00GMT/13:00EST

• High Yield: (prev. 4.798%, six-auction avg. 4.739%) 
• Tail: (prev. -0.1bps, six-auction avg. -0.5bps) 
• Bid-to-Cover: (prev. 2.67x, six-auction avg. 2.65x) 
• Dealers: (prev. 12.6%, six-auction avg. 10.9%) 
• Directs: (prev. 22.2%, six-auction avg. 25.7%) 
• Indirects: (prev. 65.2%, six-auction avg. 63.5%)

The upcoming US auction of $13 billion in 20-year bonds is significant as it comes against a backdrop of recent auction dynamics. The last auction's high yield exceeded the six-auction average, though the bid-to-cover ratio remains strong, suggesting consistent demand despite potential yield pressures. A close watch on dealer participation and indirect bidder interest will be crucial in gauging market sentiment and pricing implications for longer-duration Treasuries.