Auction history: US to sell USD 13bln of 20yr notes 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 auction of USD 13 billion in 20-year notes could attract keen interest given its recent history. With a high yield slightly above average and stable bid-to-cover ratios, watch for dealer demand versus direct and indirect bids, as shifts in these metrics could signal changes in market sentiment or appetite for duration ahead of future economic events.