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Releasing the results of its first long-term securities auction of the New Year, the Treasury Department revealed Tuesday that its auction of $38 billion worth of three-year notes attracted slightly below average demand.
The three-year note auction drew a high yield of 1.567 percent and a bid-to-cover ratio of 2.45.
The Treasury also sold $38 billion worth of three-year notes last month, drawing a high yield of 1.632 percent and a bid-to-cover ratio of 2.56.
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 three-year note auctions had an average bid-to-cover ratio of 2.49.
Looking ahead, the Treasury is due to announce the results of its auction of $24 billion worth of ten-year notes on Wednesday and the results of its auction of $16 billion worth of thirty-year bonds on Thursday.
