The U.S. Treasury raised $39 billion on Wednesday through a reopening of its 10-year benchmark note, securing a high yield of 4.362%. The issue priced 0.3 basis point below the 4.365% when-issued level, marking the fifth straight 10-year sale to stop through the market. Demand proved robust. The bid-to-cover ratio climbed to 2.61 from 2.52 at the previous auction and surpassed the six-month average of 2.56. Indirect bidders, a group that includes foreign official institutions, bought 70.6% of the offering, roughly matching June’s participation. The Federal Reserve submitted $4.6 billion in bids. The sale was closely watched as a gauge of the market’s capacity to absorb the heavy calendar of maturing U.S. debt this year. Treasury yields were little changed following the results, suggesting investors remain willing to finance the government’s borrowing needs despite ongoing concerns over deficits and the outlook for Federal Reserve policy.