Ten-Year Note Auction Attracts Average Demand
Continuing this week's series of long-term securities auctions, the Treasury Department sold $23 billion worth of ten-year notes on Wednesday, attracting average demand.
The ten-year not auction drew a high yield of 2.957 percent and a bid-to-cover ratio of 2.58.
Last month, the Treasury sold $26 billion worth of ten-year notes, drawing a high yield of 2.960 percent and a bid-to-cover ratio of 2.55.
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 2.62.
Looking ahead, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $15 billion worth of thirty-year bonds on Thursday.