The Treasury Department announced the results of this month’s auction of $27 billion worth of twenty-year bonds on Wednesday, revealing the sale attracted above average demand.
The twenty-year bond auction drew a high yield of 1.850 percent and a bid-to-cover ratio of 2.44.
Last month, the Treasury sold $24 billion worth of twenty-year bonds, drawing a high yield of 1.890 percent and a bid-to-cover ratio of 2.33.
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 twenty-year bond auctions had an average bid-to-cover ratio of 2.34.