U.S. Treasuries curve continues to diverge, shorter-dated Treasuries near their lowest levels of the day while the long bond outperforms, trading just below highs. The 30-yr bond is holding highs after the completion of today’s $12 bln 20-yr bond reopening, which met decent demand but nothing spectacular. The sale drew a high yield of 4.036%, which tailed the when-issued yield by a tenth of a basis point. However, the bid-to-cover ratio (2.68x) was above average (2.62x) while indirect takedown (68.8%) was shy of average (72.0%). Equities have backtracked from their starting highs with the S&P 500 narrowing its gain to 0.2% while the Nasdaq (-0.1%) is now down slightly. The desk gave a C- rating on the auction.