11.06.201913:23:00UTC+00Three-Year Note Auction Attracts Above Average Demand

The Treasury Department announced the results of its auction of $38 billion worth of three-year notes on Tuesday, revealing the sale attracted above average demand.

The three-year note auction drew a high yield of 1.861 percent and a bid-to-cover ratio of 2.62.

Last month, the Treasury also sold $38 billion worth of three-year notes, drawing a high yield of 2.248 percent and a bid-to-cover ratio of 2.48.

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 three-year note auctions had an average bid-to-cover ratio of 2.55.

Looking ahead, the Treasury Department is due to announce the results of its auctions of $24 billion worth of ten-year notes and $16 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.