Thirty-Year Bond Auction Attracts Above Average Demand

(RTTNews) - The Treasury Department finished off this week's series of long-term securities auctions with the sale of $13 billion worth of thirty-year bonds on Thursday, attracting above average demand.

The thirty-year bond auction drew a high yield of 3.138 percent and a bid-to-cover ratio of 2.54.

The Treasury sold $16 billion worth of thirty-year bonds last month, drawing a high yield of 3.044 percent and a bid-to-cover ratio of 2.20.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.39.

Today's thirty-year bond auction came after the sale of $24 billion worth of three-year notes on Tuesday and $21 billion worth of ten-year notes on Wednesday.