Finishing off this week's series of long-term securities auction, the Treasury Department sold $29 billion worth of seven-year notes on Wednesday.
The seven-year note auction drew a high yield of 1.26 percent and a bid-to-cover ratio of 2.65.
The Treasury also sold $29 billion worth of seven-year notes last month, drawing a high yield of 1.416 percent and a bid-to-cover ratio of 2.60.
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 drew an average yield of 2.70 percent.
The seven-year note auction came after the Treasury sold $35 billion worth of two-year notes on Monday and $35 billion worth of five-year notes on Wednesday.
by RTT Staff Writer
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