Treasury Auctions $34 Billion Worth Of Five-Year Notes

(RTTNews) - Following yesterday's auction of $26 billion worth of two-year notes, the Treasury Department sold $34 billion worth of five-year notes on Tuesday, attracting slightly below average demand.

The five-year note auction drew a high yield of 1.335 percent and a bid-to-cover ratio of 2.38.

The Treasury also sold $34 billion worth of five-year notes last month, drawing a high yield of 1.169 percent and a bid-to-cover ratio of 2.44.

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 auctions had an average bid-to-cover ratio of 2.45.

Finishing off this week's series of long-term securities auctions, the Treasury is due to sell $28 billion worth of seven-year notes on Wednesday.