Two-Year Note Auction Attracts Modestly Above Average Demand
(RTTNews) - The Treasury Department kicked off this week's announcement of the results of its long-term securities auctions on Tuesday, revealing that its sale of $54 billion worth of two-year notes attracted modestly above average demand.
The two-year note auction drew a high yield of 0.151 percent and a bid-to-cover ratio of 2.41.
Last month, the Treasury sold $52 billion worth of two-year notes, drawing a high yield of 0.136 percent and a bid-to-cover ratio of 2.42.
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 two-year note auctions had an average bid-to-cover ratio of 2.35.
Looking ahead, the Treasury is due to announce the results of its auction of $55 billion worth of five-year notes on Wednesday and the results of its auction of $53 billion worth of seven-year notes on Thursday.