Following the sale of $35 billion worth of two-year notes on Tuesday, the Treasury Department sold $35 billion worth of five-year notes on Wednesday.
The five-year note auction drew a high yield of 0.748 percent and a bid-to-cover ratio of 2.99.
The Treasury also sold $35 billion worth of five-year notes last month, drawing a high yield of 0.887 percent and a bid-to-cover ratio of 3.09.
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 five-year note auctions had an average bid-to-cover ratio of 2.93.
Finishing off this week's series of long-term securities auctions, the Treasury is due to sell $29 billion worth of seven-year notes on Thursday.
by RTT Staff Writer
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