The yield on the 10-year Treasury note fell to 4.15%, the lowest level in four months. In addition, the US Treasury renewed its $13 billion 20-year Treasury won the bidding yield of 4.466%, compared with a pre-issue trading level of 4.467% at 1:00 p.m. New York time when bids closed. Long-dated Treasuries strengthened slightly after the tender results were announced, and the 20-year Treasury was slightly higher during the day. The flattening trend of the yield curve remained unchanged, and the 2s20s yield spread narrowed by 3.5 basis points during the day, close to the intraday low. Primary dealers were allocated 8.5%, up from a record low in the previous month; the proportion of indirect bidders was allocated fell to 77.2%, and the proportion of direct bidders was allocated to 14.3%; and the bid multiple was 2.68 times, compared with the average of 2.67 times in the past six renewals.