26.02.202017:43:00UTC+00Five-Year Note Auction Attracts Modestly Above Average Demand

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

The five-year note auction drew a high yield of 1.150 percent and a bid-to-cover ratio of 2.46.

Last month, the Treasury also sold $41 billion worth of five-year notes, drawing a high yield of 1.448 percent and a bid-to-cover ratio of 2.33.

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.

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

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