Kicking off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Tuesday that this month’s auction of $58 billion worth of three-year notes attracted above average demand.
The three-year note auction drew a high yield of 0.465 percent and a bid-to-cover ratio of 2.54.
The Treasury also sold $58 billion worth of three-year notes last month, drawing a high yield of 0.426 percent and a bid-to-cover ratio of 2.41.
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 this month’s auctions of $41 billion worth of ten-year notes and $27 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.