Ten-Year Note Auction Attracts Average Demand
The Treasury Department revealed on Tuesday that this month’s auction of $25 billion worth of ten-year notes attracted average demand.
The ten-year note auction drew a high yield of 0.782 percent and a bid-to-cover ratio of 2.43.
Last month, the Treasury sold $24 billion worth of ten-year notes, drawing a high yield of 0.849 percent and a bid-to-cover ratio of 2.36.
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 2.43.
On Monday, the Treasury revealed that its auction of $40 billion worth of three-year notes attracted below average demand.
The Treasury is scheduled to announce the results of its auction of $17 billion worth of thirty-year bonds on Wednesday.