WASHINGTON (dpa-AFX) - Finishing off this week's series of long-term securities auctions, the Treasury Department sold $13 billion worth of thirty-year bonds on Wednesday.
The thirty-year bond auction drew a high yield of 3.383 percent and a bid-to-cover ratio of 2.70.
Last month, the Treasury sold $16 billion worth of thirty-year bonds, drawing a high yield of 3.24 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 thirty-year bond auctions had an average bid-to-cover ratio of 2.63.
Peter Boockvar, managing director at Miller Tabak, said, 'With the thirty-year bond yield at the highest level since late October, the Treasury auction today was fine, as the yield was in line with the when issued and the bid to cover of 2.70 was about equal to the previous 12 month average.'
Today's thirty-year bond auction comes after the Treasury sold $32 billion worth of three-year notes on Monday and $21 billion worth of ten-year notes on Tuesday.
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