2019.03.2713:08:00UTC+00Five-Year Note Auction Attracts Below Average Demand

Continuing this week's series of long-term securities auctions following the sale of $40 billion worth of two-year notes on Tuesday, the Treasury Department sold $41 billion worth of five-year notes on Wednesday, attracting below average demand.

The five-year note auction drew a high yield 2.172 percent and a bid-to-cover ratio of 2.35.

Last month, the Treasury also sold $41 billion worth of five-year notes, drawing a high yield of 2.489 percent and a bid-to-cover ratio of 2.40.

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 five-year note auctions had an average bid-to-cover ratio of 2.43.

On Thursday, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $32 billion worth of seven-year notes.