(RTTNews) – Kicking off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department on Tuesday revealed this month’s auction of $40 billion worth of three-year notes attracted slightly above average demand.
The three-year note auction drew a high yield of 3.810 percent and a bid-to-cover ratio of 2.59.
Last month, the Treasury also sold $40 billion worth of three-year notes, drawing a high yield of 4.635 percent and a bid-to-cover ratio of 2.73.
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 three-year note auctions had an average bid-to-cover ratio of 2.55.
The Treasury is due to announce the results of this month’s auction of $32 billion worth of ten-year notes and $18 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
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