The notes were awarded at 4.438%, below the pre-sale, or when-issue, rate of 4.553%, the 4.483% high seen in the prior auction. 

In a sign of a stronger demand, the bid to cover ratio for the auction rose to 2.67 from 2.49 seen in the prior auction. 

The yield on the 10-year Treasury fell to 4.423%, after trading at around 4.46% just before the auction result, sparking a wave of pressure across the curve.