A U.S. Treasury Auction of long-run Inflation Protected Securities (TIPS) showed signs of rising demand amid higher Treasury yields Thursday.

The Treasury's auction, which occurs twice a year, sold $9.03 billion in 29-Year six-month TIPS, with a high rate of 2.973%. That compared to a market yield of 2.993% at the time, according to LSEG, a sign of stronger demand.

The bid-to-cover ratio, a measure of investor demand, was 2.82, up from 2.75 in February's auction.

Indirect bidders, a group that includes foreign institutional buyers, acquired 84.4% at Thursday's auction, higher than February's percent.

In the most recent 30-year Treasury bond auction, the high yield cleared at 5.216%, the highest since 2001.