The week's only coupon auction for 20-year US Treasury bonds occurred, possibly one of its last due to speculation about the upcoming Treasury Refunding Announcement. The auction results were mediocre, with a record-high yield of 5.469%, 49 basis points higher than September. It also tailed the When Issued rate by 0.9 basis points, marking the fourth consecutive tail.However, the bid-to-cover ratio improved significantly to 2.73, the highest since June and above the recent average. Internally, foreign demand, represented by Indirects, was weaker than the average, taking 58.2%. This weakness was offset by a record surge in Direct bids, which accounted for 31.6% of the auction. Consequently, Dealers were left with only 10.3% of the bonds, a low but not unprecedented figure.Overall, this was another unremarkable 20-year bond auction. The continued lack of strong investor interest suggests that this specific Treasury offering might be discontinued. This decision could be announced next month during the Treasury Refunding Announcement.