Continuing this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department on Wednesday revealed this month’s auction of $40 billion worth of ten-year notes attracted average demand.
The ten-year note auction drew a high yield of 4.519 percent and a bid-to-cover ratio of 2.45.
The Treasury sold $35 billion worth of ten-year notes last month, drawing a high yield of 4.610 percent and a bid-to-cover ratio of 2.50.
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 2.48.
On Tuesday, the Treasury revealed this month’s auction of $48 billion worth of three-year notes attracted modestly below average demand.
The Treasury is due to announce the results of this month’s auction of $24 billion worth of thirty-year bonds on Thursday.