Treasury’s $13 billion sale of 20-year bonds Wednesday afternoon came in stronger than expected as more indirect bidders stepped up to buy, according to Tom di Galoma, co-head of global rates trading for BTIG in New York. The 1 p.m. Eastern time sale had been seen as a test of demand for long-dated government debt. Before the auction, the 30-year yield broke past 5% while the 10-year rate traded around 4.9%. In September, the 20-year yield became the first long-dated rate to approach the 5% mark, a level which it crossed earlier this month.
