Thirty-Year Bond Auction Attracts Below Average Demand

(RTTNews) - The Treasury Department received below average demand for its sale of $15 billion worth of thirty-year bonds on Thursday as it finished off this week's series of long-term securities auctions.

The thirty-year bond auction drew a high yield of 2.50 percent and a bid-to-cover ratio of 2.09.

Last month, the Treasury sold $13 billion worth of thirty-year bonds last month, drawing a high yield of 2.905 percent and a bid-to-cover ratio of 2.29.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.35.

Today's thirty-year bond auction came after the Treasury sold $24 billion worth of three-year notes on Tuesday and $23 billion worth of ten-year notes on Wednesday.