Treasury Auctions $29 Billion Worth Of Seven-Year Notes

(RTTNews) - The Treasury Department sold $29 billion worth of seven-year notes on Thursday, finishing off this week's series of long-term securities auctions.

The seven-year note auction drew a high yield of 2.010 percent and a bid-to-cover ratio of 2.60.

Last month, the Treasury also sold $29 billion worth of seven-year notes, drawing a high yield of 2.317 percent and a bid-to-cover ratio of 2.60.

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 seven-year note auctions had an average bid-to-cover ratio of 2.55.

Peter Boockvar, managing director at the Lindsey Group, said, "The near 7-month low in 7-year treasury note yields resulted in another uneventful auction following similar results in the 2-year and 5-year over the past two days."

"Bottom line, there was no real turn off by the lowest yields of 2014 but there was also no momentum buyers looking for even lower yields," he added.

Today's auction came after the Treasury sold $31 billion worth of two-year notes on Tuesday and $35 billion worth of five-year notes on Wednesday.