The US Treasury issued $22 billion of 30-year bonds at a winning yield of 5.618%, compared with the when-issued level of 5.617% at the 1 p.m. New York bidding deadline.

Ahead of the deadline, long-end Treasury yields had already fallen to session lows; after the results were released, the long-end rally was largely maintained and the flattening trend in the yield curve continued.

Primary dealers were allotted 6.8%, below the recent average of about 10%; indirect bidders received 72.3%, above the average of 68.6%; direct bidders were allotted 20.9%, slightly below the average of 21.4%.

The bid-to-cover ratio was 2.54, above the 2.44 average of the past six reopenings.