A U.S. Treasury auction of 20-year bonds Wednesday had steady demand, as a global selloff of long-term government debt eased with the prospect of increasing buybacks.

The Treasury's monthly auction sold $18.06 billion in bonds, with a high yield of 5.204%, up from 5.163% in the July 22 tender. It is the highest auction yield in the tenor since October 2023.

Wednesday's high-yield compared with a market yield of 5.201% at the time, in a sign of firm demand.

The bid-to-cover ratio, a measure of investor demand, was 2.53, lower than the prior six-month average of 2.62.

The auction happened at a difficult time for long-term government debt around the globe. The U.S. Treasury Department said Wednesday it will double the limit for its buyback operations targeting 10-year maturities and longer, to provide more liquidity.