WASHINGTON (dpa-AFX) - Finishing off this week's series of long-term securities auctions, the Treasury Department sold $28 billion worth of seven-year notes on Thursday, attracting average demand.
The seven-year note auction drew a high yield of 2.370 percent and a bid-to-cover ratio of 2.55.
The Treasury also sold $28 billion worth of seven-year notes last month, drawing a high yield of 2.230 percent and a bid-to-cover ratio of 2.36.
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 seven-year note auctions had an average bid-to-cover ratio of 2.52.
Today's seven-year note auction came after auctions of $26 billion worth of two-year notes and $34 billion worth of five-year notes earlier this week both attracted below average demand.
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