U.S. 2-year Treasury auction stop-out yield came in above the pre-auction trading level, while the share allotted to direct bidders hit a record.

The U.S. Treasury Department issued $69 billion of 2-year Treasury notes at a high yield of 4.708%, above the 4.705% pre-issuance trading level at the 1 p.m. New York time bidding deadline, indicating slightly weaker-than-expected demand, even though the share allocated to direct bidders hit a record.