The US 20-year Treasury auction cleared at a high yield of 5.204%, tailing the when-issued rate by 0.5 basis points, the biggest tail since February, signaling weak demand despite the Treasury buyback program.

The US 20-year Treasury auction cleared at a high yield of 5.204%, tailing by 0.5 bps versus the 5.199% when-issued yield, marking the biggest tail since February despite Treasury buyback support.