Treasury Auctions $31 Billion Worth Of Three-Year Notes

(RTTNews) - Kicking off this week's series of long-term securities auctions, the Treasury Department sold $31 billion worth of three-year notes on Tuesday, attracting slightly below average demand.

The three-year note auction drew a high yield of 0.913 percent and a bid-to-cover ratio of 3.29.

Last month, the Treasury sold $32 billion worth of three-year notes, drawing a high yield of 0.631 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 three-year note auctions had an average bid-to-cover ratio of 3.36.

The Treasury is also due to sell $21 billion worth of ten-year notes on Wednesday and $13 billion worth of thirty-year bonds on Thursday.