Finishing off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Thursday that its auction of $24 billion worth of thirty-year bonds attracted slightly below average demand.
The thirty-year bond auction drew a high yield of 2.295 percent and a bid-to-cover ratio of 2.28.
Last month, the Treasury sold $27 billion worth of thirty-year bonds, drawing a high yield of 1.933 percent and a bid-to-cover ratio of 2.18.
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 thirty-year bond auctions had an average bid-to-cover ratio of 2.33.
Earlier this week, the Treasury revealed its auction of $58 billion worth of three-year notes attracted well above average demand, while its auction of $38 billion worth of ten-year notes attracted roughly average demand.
The Treasury announced earlier on Thursday that its plans to sell $24 billion worth of twenty-year bonds this month, with the results of the auction due to be announced next Tuesday.