After revealing below average demand for this month’s three-year note auction earlier in the day, the Treasury Department announced Tuesday afternoon that this month’s auction of $38 billion worth of ten-year notes attracted above average demand.
The ten-year note auction drew a high yield of 1.584 percent and a bid-to-cover ratio of 2.58.
The Treasury also sold $38 billion worth of ten-year notes last month, drawing a high yield of 1.338 percent and a bid-to-cover ratio of 2.59.
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 2.46.
Looking ahead, the Treasury is due to announce the results of this month’s auction of $24 billion worth of thirty-year bonds on Wednesday.