WASHINGTON (dpa-AFX) - The Treasury Department on Monday announced the results of this month's auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes, revealing the sales attracted mixed demand.
While the two-year note auction attracted modestly above average demand, the five-year note auction attracted modestly below average demand.
The two-year note auction drew a high yield of 4.315 percent and a bid-to-cover ratio of 2.66.
Last month, the Treasury also sold $69 billion worth of two-year notes, drawing a high yield of 4.189 percent and a bid-to-cover ratio of 2.64.
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 2.61.
The five-year note auction drew a high yield of 4.408 percent and a bid-to-cover ratio of 2.28.
Last month, the Treasury also sold $70 billion worth of five-year notes, drawing a high yield of 4.200 percent and a bid-to-cover ratio of 2.35.
The ten previous five-year note auctions had an average bid-to-cover ratio of 2.35.
The Treasury is scheduled to announce the results of this month's auction of $44 billion worth of seven-year notes on Tuesday.
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