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Treasury Auctions $24 Billion Worth Of Three-Year Notes

The Treasury Department kicked off this week's series of long-term securities auctions with the sale of $24 billion worth of three-year notes on Wednesday.

The three-year note auction drew a high yield of 1.657 percent and a bid-to-cover ratio of 2.83.

Last month, the Treasury also sold $24 billion worth of three-year notes, drawing a high yield of 1.433 percent and a bid-to-cover ratio of 2.70.

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 2.78.

Later today, the Treasury is due to sell $20 billion worth of ten-year notes, while $12 billion worth of thirty-year bonds are scheduled to be sold on Thursday.

by RTT Staff Writer

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