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Ten-Year Note Auction Attracts Slightly Above Average Demand

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Ten-Year Note Auction Attracts Slightly Above Average Demand
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The Treasury Department continued this week’s announcements of the results of the first long-term securities auctions of the New Year on Wednesday, revealing that the sale of $24 billion worth of ten-year notes attracted slightly above average demand.

The ten-year note auction drew a high yield of 1.869 percent and a bid-to-cover ratio of 2.45.

Last month, the Treasury also sold $24 billion worth of ten-year notes, drawing a high yield of 1.842 percent and a bid-to-cover ratio of 2.43.

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 2.42.

On Tuesday, the Treasury revealed that this month’s auction of $38 billion worth of three-year notes attracted modestly below average demand.

The Treasury is scheduled to announce the results of its auction of $16 billion worth of thirty-year bonds on Thursday.

The material has been provided by InstaForex Company – www.instaforex.com