Ten-Year Note Auction Attracts Above Average Demand

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

The ten-year note auction drew a high yield of 4.435 percent and a bid-to-cover ratio of 2.67.

Last month, the Treasury also sold $39 billion worth of ten-year notes, drawing a high yield of 4.310 percent and a bid-to-cover ratio of 2.59.

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 2.56.

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

The Treasury is due to finish off this week's series of announcements of the results of its long-term securities auctions on Thursday by revealing the results of this month's sale of $22 billion worth of thirty-year bonds.