2020.03.2517:14:00UTC+00Five-Year Note Auction Attracts Above Average Demand

Continuing this week's announcements of the results of its long-term securities auctions, the Treasury Department revealed on Wednesday that its auction of $41 billion worth of five-year notes attracted above average demand.

The five-year note auction drew a high yield of 0.535 percent and a bid-to-cover ratio of 2.53.

The Treasury also sold $41 billion worth of five-year notes last month, drawing a high yield of 1.150 percent and a bid-to-cover ratio of 2.46.

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.

The Treasury revealed on Tuesday that this month's auction of $40 billion worth of two-year notes attracted below average demand.

Looking ahead, the Treasury is due to announce the results of its auction of $32 billion worth of seven-year notes on Thursday.