Following yesterday's sale of $31 billion worth of three-year notes, the Treasury Department sold $25 billion worth of ten-year notes on Wednesday, attracting above average demand.
The ten-year note auction drew a high yield of 2.995 percent and a bid-to-cover ratio of 2.56.
Last month, the Treasury sold $21 billion worth of ten-year notes, drawing a high yield of 2.795 percent and a bid-to-cover ratio of 2.46.
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 2.43.
Looking ahead, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $17 billion worth of thirty-year bonds on Thursday.
by P2PNews Staff Writer