The U.S. Treasury completed its auction of $39 billion in 10-year notes on Wednesday, with a yield of 5.3%, the highest since November 2000. The bid-to-cover ratio for this auction rose to 2.77x, the strongest since 2016, and non-dealer investors accounted for a record high 97.5% of subscriptions. Indirect bidders (typically representing overseas official institutions and foreign investors) were allotted 80.3%, the fourth highest on record, while primary dealers were left with only 2.5% of the allocation, the lowest ever. Following the auction results, the 10-year U.S. Treasury yield fell more than 5 basis points from its intraday high to approximately 5.28%.