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After announcing the results of its auction of two-year notes earlier today, the Treasury Department revealed Monday afternoon that this month's auction of $41 billion worth of five-year notes attracted below average demand.
The five-year note auction drew a high yield of 1.448 percent and a bid-to-cover ratio of 2.33.
Last month, the Treasury also sold $41 billion worth of five-year notes, drawing a high yield of 1.756 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 five-year note auctions had an average bid-to-cover ratio of 2.40.
Looking ahead, the Treasury is due to announce the results of its auction of $32 billion worth of seven-year notes on Tuesday.
