The Treasury Department kicked off this week's series of long-term securities auctions with the sale of $32 billion worth of three-year notes on Monday, attracting modestly below average demand.

The three-year note auction drew a high yield of 2.664 percent and a bid-to-cover ratio of 2.83.

Last month, the Treasury sold $31 billion worth of three-year notes, drawing a high yield of 2.664 percent and a bid-to-cover ratio of 2.76.

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 2.93.

Looking ahead, the Treasury is due to sell $22 billion worth of ten-year notes later today and $14 billion worth of thirty-year bonds on Tuesday.

by P2PNews Staff Writer

editorial@p2pnews.com

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Image Credit: P2P Media