Treasury Auctions $35 Billion Worth Of Five-Year Notes

(RTTNews) - With the two-year note auction postponed, the Treasury Department kicked off this week's series of long-term securities auctions with the sale of $35 billion worth of five-year notes on Wednesday.

The five-year note auction drew a high yield of 1.415 percent and a bid-to-cover ratio of 2.43.

The Treasury also sold $35 billion worth of five-year notes last month, drawing a high yield of 1.467 percent and a bid-to-cover ratio of 2.57.

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 five-year note auctions had an average bid-to-cover ratio of 2.47.

The Treasury is due to finish off this week's series of long-term securities auctions with the sale of $29 worth of seven-year notes on Thursday.

Last week, the Treasury announced it would postpone the two-year note auction originally rescheduled for Tuesday as a result of the debt limit impasse.