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Ten-Year Note Auction Attracts Modestly Below Average Demand

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Ten-Year Note Auction Attracts Modestly Below Average Demand
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After yesterday’s announcement of the results of its three-year note auction, the Treasury Department revealed on Wednesday that its auction of $41 billion worth of ten-year notes attracted modestly below average demand.

The ten-year note auction drew a high yield of 1.155 percent and a bid-to-cover ratio of 2.37.

The Treasury sold $38 billion worth of ten-year notes last month, drawing a high yield of 1.164 percent and a bid-to-cover ratio of 2.47.

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 2.43.

On Thursday, the Treasury is due to announce the results of this month’s auction of $27 billion worth of thirty-year bonds.

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