WASHINGTON (dpa-AFX) - After the sale of $40 billion worth of two-year notes earlier in the day, the Treasury Department sold $41 billion worth of five-year notes on Monday, attracting average demand.
The five-year note auction drew a high yield of 2.489 percent and a bid-to-cover ratio of 2.40.
Last month, the Treasury also sold $41 billion worth of five-year notes, drawing a high yield of 2.576 percent and a bid-to-cover ratio of 2.41.
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 2.43.
On Tuesday, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $32 billion worth of seven-year notes.
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