(RTTNews) - Finishing off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Thursday revealed this month's sale of $44 billion worth of seven-year notes attracted well below average demand.
The seven-year note auction drew a high yield of 3.953 percent and a bid-to-cover ratio of 2.40.
Last month, the Treasury also sold $44 billion worth of seven-year notes, drawing a high yield of 3.925 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 2.63.
Earlier this week, the Treasury revealed this month's auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes also attracted below average demand.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
