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Five-Year Note Auction Attracts Average Demand

Following the sale of $26 billion worth of two-year notes earlier in the day, the Treasury Department sold $34 billion worth of five-year notes on Monday, attracting average demand.

The five-year note auction drew a high yield of 2.066 percent and a bid-to-cover ratio of 2.46.

The Treasury also sold $34 billion worth of five-year notes last month, drawing a high yield of 2.058 percent and a bid-to-cover ratio of 2.44.

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 2.45.

Looking ahead, the Treasury is due to sell $28 billion worth of seven-year notes on Tuesday.

by RTTNews Staff Writer

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