The Treasury Department kicked off this week’s series of announcements of the results of long-term securities auctions on Monday, revealing that the sale of $58 worth of three-year notes attracted average demand.
The Treasury said the three-year note auction drew a high yield of 0.426 percent and a bid-to-cover ratio of 2.41.
Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 0.325 percent and a bid-to-cover ratio of 2.47.
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 2.42.
The Treasury is due to announce the results of this month’s auction of $38 worth of ten-year notes later today, while the results of its auction of $24 worth of thirty-year bonds will be announced on Tuesday.