Ten-Year Note Auction Attracts Average Demand

(RTTNews) - Following yesterday's sale of $30 billion worth of three-year notes, the Treasury Department sold $24 billion worth of ten-year notes on Wednesday, attracting average demand.

The ten-year note auction drew a high yield of 2.750 percent and a bid-to-cover ratio of 2.70.

The Treasury sold $21 billion worth of ten-year notes last month, drawing a high yield of 2.657 percent and a bid-to-cover ratio of 2.58.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.72.

Finishing off this week's series of long-term securities auctions, the Treasury is due to sell $16 billion worth of thirty-year bonds on Thursday.