12.08.202017:15:00UTC+00Ten-Year Note Auction Attracts Modestly Below Average Demand

The Treasury Department continued this week's announcements of the results of its long-term securities on Wednesday, revealing that the sale of $38 billion worth of ten-year notes attracted modestly below average demand.

The ten-year note auction drew a high yield of 0.677 percent and a bid-to-cover ratio of 2.41.

The Treasury sold $29 billion worth of ten-year notes last month, drawing a high yield of 0.653 percent and a bid-to-cover ratio of 2.62.

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 2.47.

Looking ahead, the Treasury is due to announce the results of this month's auction of $26 billion worth of thirty-year bonds on Thursday.