Ten-Year Note Auction Attracts Slightly Below Average Demand

(RTTNews) - The Treasury Department continued this week's series of long-term securities auctions with the sale of $21 billion worth of ten-year notes on Tuesday, attracting slightly below average demand.

The ten-year note auction drew a high yield of 1.925 percent and a bid-to-cover ratio of 2.62.

Last month, the Treasury also sold $21 billion worth of ten-year notes, drawing a high yield of 2.139 percent and a bid-to-cover ratio of 2.65.

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 2.69.

The Treasury sold $24 billion worth of three-year notes on Tuesday and is due to sell $13 billion worth of thirty-year bonds on Thursday.