Treasury Auctions $35 Billion Worth Of Five-Year Notes

(RTTNews) - Following yesterday's two-year note auction, the Treasury Department sold $35 billion worth of five-year notes on Tuesday.

The five-year note auction drew a high yield of 1.785 percent and a bid-to-cover ratio of 2.32.

The Treasury also sold $35 billion worth of five-year notes last month, drawing a high yield of 1.670 percent and a bid-to-cover ratio of 2.52.

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 note auctions had an average bid-to-cover ratio of 2.47.

The Treasury is due to finish off this week's series of long-term securities auctions with the sale of $29 billion worth of seven-year notes on Wednesday.