Following yesterday's auction of two-year notes, the Treasury Department sold $35 billion worth of five-year notes on Wednesday, attracting below average demand.
The five-year note auction drew a high yield of 0.752 percent and a bid-to-cover ratio of 2.61.
Last month, the Treasury also sold $35 billion worth of five-year notes, drawing a high yield of 0.748 percent and a bid-to-cover ratio of 2.99.
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 2.97.
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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