After announcing the results of its auctions of two-year and five-year notes earlier this week, the Treasury Department revealed Wednesday that its auction of $32 billion worth of seven-year notes attracted average demand.
The seven-year note auction drew a high yield of 1.719 percent and a bid-to-cover ratio of 2.44.
Last month, the Treasury also sold $32 billion worth of seven-year notes, drawing a high yield of 1.657 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 seven-year note auctions had an average bid-to-cover ratio of 2.43.
The Treasury revealed earlier this week that its auctions of $40 billion worth of two-year notes and $41 billion worth of five-year notes both attracted above average demand.
The material has been provided by InstaForex Company – www.instaforex.com