Positive reception for new deals in the primary market wasn't enough to offset large institutional sellers in the secondary as yields on bonds maturing beyond 20 years jumped.

Traders said that most of the trades occurred on bonds maturing within seven years or beyond 20 years, but the longest maturing bonds took the biggest hit. "The long end is bad," a Pennsylvania trader said. "I think its 15 basis points off in the 20-year to 30-year range."

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