Following yesterday’s release of the results of its auction of three-year notes, the Treasury Department revealed on Wednesday that its auction of $27 billion worth of ten-year notes attracted well above average demand.

The ten-year note auction drew a high yield of 1.622 percent and a bid-to-cover ratio of 2.58.

Last month, the Treasury sold $24 billion worth of ten-year notes, drawing a high yield of 1.869 percent and a bid-to-cover ratio of 2.45.

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 2.41.

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

The Treasury is scheduled to announce the results of its auction of $19 billion worth of thirty-year bonds on Thursday.

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