By After reporting roughly average demand for this month’s three-year and ten-year note auctions earlier in the week, the Treasury Department on Thursday revealed this month’s auction of $24 billion worth of thirty-year bonds well attracted below average demand.
The thirty-year bond auction drew a high yield of 4.769 percent and a bid-to-cover ratio of 2.24.
Last month, the Treasury sold $20 billion worth of thirty-year bonds, drawing a high yield of 4.837 percent and a bid-to-cover ratio of 2.35.
The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.38.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Earlier this week, the Treasury announced the results of this month’s auctions of $48 billion worth of three-year notes and $40 billion worth of ten-year notes.
