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Three-Year Note Auction Attracts Modestly Below Average Demand

The Treasury Department kicked off this week’s series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month’s auction of $48 billion worth of three-year notes attracted modestly below average demand.

The three-year note auction drew a high yield of 4.701 percent and a bid-to-cover ratio of 2.67.

Last month, the Treasury sold $46 billion worth of three-year notes, drawing a high yield of 4.740 percent and a bid-to-cover ratio of 2.56.

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 2.72.

The Treasury is due to announce the results of this month’s auctions of $40 billion worth of ten-year notes and $24 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

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