The Treasury Department finished off this week’s series of announcements of the results of its long-term securities auctions on Thursday, revealing that its sale of $53 billion worth of seven-year notes attracted below average demand.
The seven-year note auction drew a high yield of 0.600 percent and a bid-to-cover ratio of 2.24
Last month, the Treasury sold $50 billion worth of seven-year notes, drawing a high yield of 0.462 percent and a bid-to-cover ratio of 2.42.
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 2.50.
Earlier this week, the Treasury revealed its auction of $54 billion worth of two-year notes attracted modestly above average demand, while its auction of $55 billion worth of five-year notes attracted below average demand.
The material has been provided by InstaForex Company – www.instaforex.com
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