The Treasury Department auctioned $34 billion in 5-year notes at a high yield of 2.057 percent on Wednesday.
The bid-to-cover ratio, an indicator of demand, was 2.72.
Indirect bidders, which include major central banks, were awarded 71.4 percent. Direct bidders, which include domestic money managers, bought 4.1 percent.
U.S. government debt prices were higher on Wednesday, as investors digested the auction. Yields fell to session lows.
Benchmark 10-year Treasury notes were last up 11/32 in price to yield 2.523 percent. Bond yields move inversely to prices.