The Treasury Department continued this week’s series of announcements of the results of its long-term securities auctions on Wednesday, revealing this month’s sale of $41 billion worth of ten-year notes attracted strong demand.
The ten-year note auction drew a high yield of 1.340 percent and a bid-to-cover ratio of 2.65.
Last month, the Treasury sold $38 billion worth of ten-year notes, drawing a high yield of 1.371 percent and a bid-to-cover ratio of 2.39.
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 ten-year note auctions had an average bid-to-cover ratio of 2.41.
On Tuesday, the Treasury revealed that this month’s auction of $58 billion worth of three-year notes attracted above average demand.
The Treasury is due to announce the results of this month’s auction of $27 billion worth of thirty-year bonds on Thursday.