2021.03.2417:19:00UTC+00Five-Year Note Auction Attracts Slightly Below Average Demand

Continuing this week's series of announcement of the results of its long-term securities auctions, the Treasury Department revealed on Wednesday that its auction of $61 billion worth of five-year notes attracted slightly below average demand.

The five-year note auction drew a high yield of 0.850 percent and a bid-to-cover ratio of 2.36.

The Treasury also sold $61 billion worth of five-year notes last month, drawing a high yield of 0.621 percent and a bid-to-cover ratio of 2.24.

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 2.41.

The Treasury revealed on Tuesday that this month's auction of $60 billion worth of two-year notes attracted average demand.

Looking ahead, the Treasury is due to announce the result of its auction of $62 billion worth of seven-year notes on Thursday.