Ten-Year Note Auction Attracts Above Average Demand

(RTTNews) - Following yesterday's auction of $24 billion worth of three-year notes, the Treasury Department sold $20 billion worth of ten-year notes on Wednesday, attracting slightly above average demand.

The ten-year note auction drew a high yield of 1.702 percent and a bid-to-cover ratio of 2.70.

Last month, the Treasury sold $23 billion worth of ten-year notes, drawing a high yield of 1.710 percent and a bid-to-cover ratio of 2.68.

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 2.62.

The Treasury is due to finish off this week's series of long-term securities auctions with the sale of $12 billion worth of thirty-year bonds on Thursday.