WASHINGTON (dpa-AFX) - Following sale of two-year and five-year notes earlier this week, the Treasury Department sold $29 billion worth of seven-year notes on Wednesday, attracting below average demand.
The seven-year note auction drew a high yield of 2.720 percent and a bid-to-cover ratio of 2.34.
The Treasury also sold $29 billion worth of seven-year notes last month, drawing a high yield of 2.839 percent and a bid-to-cover ratio of 2.49.
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 2.51.
Today's seven-year note auction came after the Treasury sold $30 billion worth of two-year notes on Monday and $35 billion worth of five-year notes on Tuesday.
Copyright RTT News/dpa-AFX