US sells USD 13bln of 20yr bonds; stops through 1bps

• WI 4.856%
• High Yield: 4.846% (prev. 4.798%, six-auction avg. 4.739%)
• Tail: -1bps (prev. -0.1bps, six-auction avg. -0.5bps)
• Bid-to-Cover: 2.86x (prev. 2.67x, six-auction avg. 2.65x)
• Dealers: 6.2% (prev. 12.6%, six-auction avg. 10.9%)
• Directs: 29.1% (prev. 22.2%, six-auction avg. 25.7%)
• Indirects: 64.7% (prev. 65.2%, six-auction avg. 63.5%)

The US's sale of $13 billion in 20-year bonds stopping through by 1 basis point indicates solid demand from investors, as reflected by a bid-to-cover ratio of 2.86x, higher than both the previous auction and the six-auction average. This slight tail and marginally lower dealer participation suggest a balanced appetite across direct and indirect bids, which may keep upward pressure on bond prices and influence the overall yield curve dynamics.