Ten-Year Note Auction Attracts Modestly Above Average Demand

(RTTNews) - The Treasury Department announced the results of this month's auction of $39 billion worth of ten-year notes on Wednesday, revealing the sale attracted modestly above average demand.

The ten-year note auction drew a high yield of 4.310 percent and a bid-to-cover ratio of 2.59.

Last month, the Treasury sold $42 billion worth of ten-year notes, drawing a high yield of 4.632 percent and a bid-to-cover ratio of 2.48.

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 2.55.

On Tuesday, the Treasury revealed this month's auction of $58 billion worth of three-year notes also attracted above average demand.

The Treasury is due to finish off this week's series of announcements of the results of its long-term securities on Thursday by revealing the results of this month's auction of $22 billion worth of thirty-year bonds.