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Treasury Auctions $21 Billion In Ten-Year Notes

Following yesterday's three-year note auction, the Treasury Department sold $21 billion worth of ten-year notes on Wednesday.

The ten-year note auction drew a high yield of 2.043 percent and a bid-to-cover ratio of 3.08.

The Treasury also sold $21 billion worth of ten-year note last month, drawing a high yield of 2.076 percent and a bid-to-cover ratio of 3.24.

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 3.13.

Peter Boockvar, managing director at Miller Tabak, said, "Similar to yesterday's 3-year note auction, today's 10-year auction was just ordinary."

The Treasury is due to sell $13 billion worth of thirty-year bonds on Thursday, finishing off this week's series of long-term securities auctions.

by RTT Staff Writer

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