The Treasury Department on Monday announced the results of this month’s auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes.
While the two-year note auction attracted below average demand, the five-year note auction attracted roughly average demand.
The two-year note auction drew a high yield of 4.130 percent and a bid-to-cover ratio of 2.50.
Last month, the Treasury also sold $69 billion worth of two-year notes, drawing a high yield of 3.520 percent and a bid-to-cover ratio of 2.59.
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 two-year note auctions had an average bid-to-cover ratio of 2.63.
Meanwhile, the five-year note auction drew a high yield of 4.138 percent and a bid-to-cover ratio of 2.39.
The Treasury also sold $70 billion worth of five-year notes last month, drawing a high yield of 3.519 percent and a bid-to-cover ratio of 2.38.
The ten previous two-year note auctions had an average bid-to-cover ratio of 2.39.
On Tuesday, the Treasury Department is scheduled to announce the results of this month’s auction of $44 billion worth of seven-year notes.
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