Ahead of the announcement of the results of a thirty-year bond auction later in the day, the Treasury Department on Thursday revealed the details of this month’s auction of twenty-year bonds.
The Treasury said it plans to sell $24 billion worth of twenty-year bonds, with the results of the auction due to be announced next Tuesday.
Last month, the Treasury sold $27 billion worth of twenty-year bonds, drawing a high yield of 1.920 percent and a bid-to-cover ratio of 2.15.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Since being reintroduced last May, the nine previous twenty-year bond auctions had an average bid-to-cover ratio of 2.40.