WASHINGTON (dpa-AFX) - Following Tuesday's auction of $35 billion worth of two-year notes, the Treasury Department sold $35 billion worth of five-year notes on Wednesday.
The five-year note auction drew a high yield of 1.58 percent and a bid-to-cover ratio of 2.62.
Last month, the Treasury Department also sold $35 billion worth of five-year notes, drawing a high yield of 1.615 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 five-year note auctions had an average bid-to-cover ratio of 2.81.
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