The win the bidding yield for the US Treasury 39 billion $10-year Treasury auction was 4.235 per cent, compared with 4.252 per cent for pre-issue trading at 1pm New York time. Primary dealers were allocated 10.5 per cent, down from the previous auction. Indirect bidders were allocated to 70 per cent and direct bidders to 19.5 per cent. The bid multiple of 2.70 was the highest since 2016, with the previous six auctions averaging 2.54 times.