After reporting below average demand for its auctions of three-year and ten-year notes earlier this week, the Treasury Department revealed on Thursday that its auction of $23 billion worth of thirty-year bonds also attracted modestly below average demand.

The thirty-year bond auction drew a high yield of 1.473 percent and a bid-to-cover ratio of 2.31.

The Treasury sold $26 billion worth of thirty-year bonds last month, drawing a high yield of 1.406 percent and a bid-to-cover ratio of 2.14.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.36.

Meanwhile, the Treasury Department also announced the details of this month’s auction of twenty-year bonds.

The Treasury said it plans to sell $22 billion worth of twenty-year bonds, with the results due to be announced next Tuesday.

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