The Treasury Department finished off this week’s series of announcement of the results of its long-term securities auctions on Thursday, revealing this month’s auction of $62 billion worth of seven-year notes attracted below average demand.
The seven-year note auction drew a high yield of 1.300 percent and a bid-to-cover ratio of 2.23.
Last month, the Treasury also sold $62 billion worth of seven-year notes last month, drawing a high yield of 1.195 percent and a bid-to-cover ratio of 2.04.
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 seven-year note auctions had an average bid-to-cover ratio of 2.36.
Earlier this week, the Treasury revealed its auction of $60 billion worth of two-year notes attracted average demand, while its auction of $61 billion worth of five-year notes attracted slightly below average demand.