Ten-Year Note Auction Attracts Above Average Demand

(RTTNews) - The Treasury Department continued this week's series of announcements of the results of its long-term securities auctions on Wednesday, revealing this month's auction of $39 billion worth of ten-year notes attracted above average demand.

The ten-year note auction drew a high yield of 3.648 percent and a bid-to-cover ratio of 2.64.

Last month, the Treasury sold $42 billion worth of ten-year notes last month, drawing a high yield of 3.960 percent and a bid-to-cover ratio of 2.32.

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 2.50.

On Tuesday, the Treasury revealed this month's auction of $58 billion worth of three-year notes also attracted above average demand.

The Treasury is scheduled to announce the results of this month's auction of $22 billion worth of thirty-year bonds on Thursday.