(RTTNews) - The Treasury Department announced the results of this month's auctions of $42 billion worth of seven-year notes on Thursday, revealing the sale attracted well above average demand.
The seven-year note auction drew a high yield of 2.777 percent and a bid-to-cover ratio of 2.69.
Last month, the Treasury sold $44 billion worth of seven-year notes, drawing a high yield of 2.908 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 seven-year note auctions had an average bid-to-cover ratio of 2.33.
Earlier this week, the Treasury revealed this month's two-year note auction attracted modestly above average demand, while this month's five-year note auction attracted average demand.
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