Finishing off this week's series of long-term securities auctions, the Treasury Department sold $30 billion worth of seven-year notes on Thursday, attracting average demand.

The seven-year note auction drew a high yield of 2.809 percent and a bid-to-cover ratio of 2.53.

The Treasury also sold $30 billion worth of seven-year notes last month, drawing a high yield of 2.930 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 seven-year note auctions had an average bid-to-cover ratio of 2.51.

Today's seven-year note auction came after the Treasury sold $34 billion worth of two-year notes on Tuesday and $36 billion worth of five-year notes on Wednesday.

by P2PNews Staff Writer

editorial@p2pnews.com

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