Treasury Auctions $29 Billion Worth Of Seven-Year Notes

(RTTNews) - Following yesterday's solid auction of five-year notes, the Treasury Department sold $29 billion worth of seven-year notes on Wednesday.

The seven-year note auction drew a high yield of 1.96 percent and a bid-to-cover ratio of 2.63.

The Treasury also sold $29 billion worth of seven-year notes last month, drawing a high yield of 2.018 percent and a bid-to-cover ratio of 2.42.

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 2.57.

Today's seven-year note auction came after the Treasury sold $28 billion worth of two-year notes on Monday and $35 billion worth of five-year notes on Tuesday.