24.04.201913:24:00UTC+00Five-Year Note Auction Attracts Slightly Above Average Demand

Following yesterday's auction of $40 billion worth of two-year notes, the Treasury Department sold $41 billion worth of five-year notes on Wednesday, attracting slightly above average demand.

The five-year note auction drew a high yield of 2.315 percent and a bid-to-cover ratio of 2.44.

Last month, the Treasury also sold $41 billion worth of five-year notes, drawing a high yield 2.172 percent and a bid-to-cover ratio of 2.35.

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 is due to finish off this week's series of long-term securities auctions on Thursday with the sale of $32 billion worth of seven-year notes.