Ten-Year Note Auction Attracts Modestly Above Average Demand

(RTTNews) - A day after revealing this month's auction of $58 billion worth of three-year notes attracted above average demand, the Treasury Department on Wednesday announced this month's auction of $39 billion worth of ten-year notes also attracted modestly above average demand.

The ten-year note auction drew a high yield of 4.276 percent and a bid-to-cover ratio of 2.58.

The Treasury also sold $39 billion worth of ten-year notes last month, drawing a high yield of 4.438 percent and a bid-to-cover ratio of 2.67.

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 2.51.

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