Finishing off this week’s series of long-term securities auctions, the Treasury Department sold $29 billion worth of seven-year notes on Wednesday, attracting average demand.
The seven-year note auction drew a high yield of 1.820 percent and a bid-to-cover ratio of 2.44.
Last month, the Treasury also sold $29 billion worth of seven-year notes, drawing a high yield of 1.792 percent and a bid-to-cover ratio of 2.32.
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 2.47.
Today’s seven-year note auction came after the Treasury sold $26 billion worth of two-year notes on Monday and $35 billion worth of five-year notes on Tuesday.
The material has been provided by InstaForex Company – www.instaforex.com