11.05.202117:17:00UTC+00Three-Year Note Auction Attracts Average Demand

Kicking off this week's series of announcement of the results of its long-term securities auctions, the Treasury Department revealed Tuesday that this month's auction of $58 billion worth of three-year notes attracted average demand.

The three-year note auction drew a high yield of 0.329 percent and a bid-to-cover ratio of 2.42.

Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 0.376 percent and a bid-to-cover ratio of 2.32.

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 2.42.

Looking ahead, the Treasury is due to announce the results of its auctions of $41 billion worth of ten-year notes and $27 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.