WASHINGTON (dpa-AFX) - Kicking off this week's series of long-term securities auctions, the Treasury Department sold $26 billion worth of two-year notes on Monday, attracting slightly above average demand.
The two-year note auction drew a high yield of 1.345 percent and a bid-to-cover ratio of 2.86.
Last month, the Treasury also sold $26 billion worth of two-year notes, drawing a high yield of 1.395 percent and a bid-to-cover ratio of 3.06.
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 two-year note auctions had an average bid-to-cover ratio of 2.78.
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