US sells USD 13bln of 20yr bonds; Stop through 0.7bps

• High Yield: 4.817% (prev. 4.664%, six-auction avg. 4.689%); WI 4.824%
• Tail: -0.7bps (prev. 2.0bps, six-auction avg. -0.0bps)
• Bid-to-Cover: 2.76x (prev. 2.36x, six-auction avg. 2.63x)
• Dealers: 9.24% (prev. 17.6%, six-auction avg. 10.9%)
• Directs: 21.58% (prev. 27.2%, six-auction avg. 27.0%)
• Indirects: 69.18% (prev. 55.2%, six-auction avg. 62.1%)

The US sale of $13 billion in 20-year bonds was noted for its strong demand, indicated by a bid-to-cover ratio of 2.76x, surpassing recent averages. Despite a higher yield of 4.817%, the tight tail of -0.7bps suggests robust market appetite and better absorption of the paper, reflecting positive sentiment towards long-duration debt amid current market conditions.