Thirty-Year Bond Auction Attracts Below Average Demand

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

The thirty-year bond auction drew a high yield of 3.084 percent and a bid-to-cover ratio of 2.23.

Last month, the Treasury also sold $13 billion worth of thirty-year bonds, drawing a high yield of 3.138 percent and a bid-to-cover ratio of 2.54.

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 2.38.

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