Treasury Auctions $33 Billion Worth Of Two-Year Notes

(RTTNews) - The Treasury Department sold $33 billion worth of two-year notes on Tuesday, kicking off this week's series of long-term securities auctions.

The two-year note auction drew a high yield of 0.348 percent and a bid-to-cover ratio of 3.09.

Last month, the Treasury sold $34 billion worth of two-year notes, drawing a high yield of 0.386 percent and a bid-to-cover ratio of 3.21.

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 two-year note auctions had an average bid-to-cover ratio of 3.40.

Following today's two-year note auction, the Treasury is due to sell $35 billion worth of five-year notes on Wednesday and $29 billion worth of seven-year notes on Thursday.