2023.02.0817:06:00UTC+00Ten-Year Note Auction Attracts Above Average Demand

The Treasury Department announced the results of this month's auction of $35 billion worth of ten-year notes on Wednesday, revealing the sale attracted above average demand.

The ten-year note auction drew a high yield of 3.613 percent and a bid-to-cover ratio of 2.66.

Last month, the Treasury sold $32 billion worth of ten-year notes, drawing a high yield of 3.575 percent and a bid-to-cover ratio of 2.53.

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 ten-year note auctions had an average bid-to-cover ratio of 2.40.

On Tuesday, the Treasury revealed this month's auction of $40 billion worth of three-year notes attracted below average demand.

The Treasury is due to announce the results of this month's auction of $21 billion worth of thirty-year bonds on Thursday.