Ten-Year Note Auction Attracts Modestly Above Average Demand

(RTTNews) - A day after revealing above well above average demand this month's three-year note auction, the Treasury Department on Wednesday reported this month's auction of $35 billion worth of ten-year notes attracted modestly above average demand.

The ten-year note auction drew a high yield of 3.448 percent and a bid-to-cover ratio of 2.45.

Last month, the Treasury sold $32 billion worth of ten-year notes, drawing a high yield of 3.455 percent and a bid-to-cover ratio of 2.36.

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 ten-year note auctions had an average bid-to-cover ratio of 2.40.

On Thursday, the Treasury is due to announce the results of this month's auction of $21 billion worth of thirty-year bonds.