WASHINGTON (dpa-AFX) - The Treasury Department continued this week's announcements of the results of its long-term securities on Wednesday, revealing that the sale of $38 billion worth of ten-year notes attracted modestly below average demand.
The ten-year note auction drew a high yield of 0.677 percent and a bid-to-cover ratio of 2.41.
The Treasury sold $29 billion worth of ten-year notes last month, drawing a high yield of 0.653 percent and a bid-to-cover ratio of 2.62.
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 ten-year note auctions had an average bid-to-cover ratio of 2.47.
Looking ahead, the Treasury is due to announce the results of this month's auction of $26 billion worth of thirty-year bonds on Thursday.
Copyright RTT News/dpa-AFX