WASHINGTON (dpa-AFX) - Continuing this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Tuesday revealed this month's auction of $70 billion worth of five-year notes attracted average demand.
The five-year note auction drew a high yield of 4.845 percent and a bid-to-cover ratio of 2.33.
Last month, the Treasury also sold $70 billion worth of five-year notes, drawing a high yield of 5.033 percent and a bid-to-cover ratio of 2.21.
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 2.32.
On Monday, the Treasury revealed this month's sale of $69 billion worth of two-year notes attracted slightly below average demand.
The Treasury is due to finish off this week's series of announcements of the results of its long-term securities auctions on Thursday by revealing the results of this month's sale of $44 billion worth of seven-year notes.
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