The bid yield of the 30-year US Treasury bond is lower than the trading level before issuance.

The US Treasury issued $22 billion of 30-year Treasury bonds, with a bid-to-cover ratio of 4.871%, reaching the highest monthly level since last July, lower than the pre-issuance trading level of 4.878% at the bidding deadline of 1:00 PM New York time, reflecting strong demand. After the results were announced, long-term bonds slightly extended their daily gains, with the 5s30s yield spread narrowing by about 5 basis points to the intra-day low.