20-Year Bond Auction Finds Strong Demand, Soothing Market's Headache

To be sure, the rate was higher than the 4.680% offered in November 2024 and the average of 4.610% seen in six such auctions, but overall the end-user demand in this auction was clearly solid. Direct bidders bought up 19.9% of the supply versus the typical 18.1%. Indirect bidders, typically considered to be foreign investors, bought 66.7%, which is close to the average of 67.3%.