Ten-Year Note Auction Attracts Above Average Demand

(RTTNews) - The Treasury Department announced the results of this month's auction of $38 billion worth of ten-year notes on Wednesday, revealing the sale attracted above average demand.

The ten-year note auction drew a high yield of 1.338 percent and a bid-to-cover ratio of 2.59.

Last month, the Treasury sold $41 billion worth of ten-year notes, drawing a high yield of 1.340 percent and a bid-to-cover ratio of 2.65. 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 2.43. Looking ahead, the Treasury is due to announce the results of this month's auction of $24 billion worth of thirty-year bonds on Thursday.