Kicking off this week's series of long-term securities auctions, the Treasury Department sold $32 billion worth of three-year notes on Tuesday.
The three-year note auction drew a high yield of 0.370 percent and a bid-to-cover ratio of 3.51.
Last month, the Treasury also sold $32 billion worth of three-year notes, drawing a high yield of 0.366 percent and a bid-to-cover ratio of 3.52.
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 three-year note auctions had an average bid-to-cover ratio of 3.49.
Looking ahead, the Treasury is due to auction $24 billion worth of ten-year notes on Wednesday and $16 billion worth of thirty-year bonds on Thursday.
by RTT Staff Writer
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