Treasury Auctions Three-Year And Ten-Year Notes

(RTTNews) - With the Columbus Day holiday on Monday pushing the two auctions to the same day, the Treasury Department sold $24 billion worth of three-year notes and $20 billion worth of ten-year notes on Wednesday.

The three-year note auction drew a high yield of 1.045 percent and a bid-to-cover ratio of 2.92.

Last month, the Treasury also sold $24 billion worth of three-year notes, drawing a high yield of 0.947 percent and a bid-to-cover ratio of 2.77.

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 three-year note auctions had an average bid-to-cover ratio of 2.84.

Meanwhile, the ten-year note auction drew a high yield of 1.793 percent and a bid-to-cover ratio of 2.53.

The Treasury also sold $20 billion worth of ten-year notes last month, drawing a high yield of 1.699 percent and a bid-to-cover ratio of 2.35.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.57.

Looking ahead, the Treasury is due to finish of this week's series of long-term securities auctions with the sale of $12 billion worth of thirty-year bonds.