Seven-Year Note Auction Attracts Slightly Above Average Demand

(RTTNews) - The Treasury Department finished off this week's announcements of the results of its long-term securities auctions on Thursday by revealing that the sale of $32 billion worth of seven-year notes attracted slightly above average demand.

The seven-year note auction drew a high yield of 1.657 percent and a bid-to-cover ratio of 2.46.

Last month, the Treasury also sold $32 billion worth of seven-year notes, drawing a high yield of 1.633 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 2.43.

Earlier this week, the Treasury revealed its auctions of $40 billion worth of two-year notes and $41 billion worth of five-year notes also attracted above average demand.

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