The Treasury Department announced the results of this month’s auction of $58 billion worth of three-year notes on Tuesday, revealing the sale attracted well above average demand.
The three-year note auction drew a high yield of 0.355 percent and a bid-to-cover ratio of 2.69.
Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 0.196 percent and a bid-to-cover ratio of 2.39.
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 2.43.
Looking ahead, the Treasury is due to announce the results of its auctions of $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.