The yield on the 10-year Treasury bond fell to 4.15%, the lowest level in four months. In addition, the U.S. Treasury's re-issuance of $13 billion in 20-year Treasury bonds yielded 4.466%, and the pre-issuance trading level was 4.467% when the bids closed at 1 pm New York time. Long-term Treasury bonds strengthened slightly after the bid results were announced, and the 20-year Treasury bond rose slightly 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 the record low of the previous month; the allocation ratio of indirect bidders fell to 77.2%, and the allocation ratio of direct bidders was 14.3%; the bid-to-cover ratio was 2.68 times, compared with the average level of 2.67 times in the past six re-issuances.