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Seven-Year Note Auction Attracts Above Average Demand

The Treasury Department finished off this week's series of long-term securities auctions with the sale of $28 billion worth of seven-year notes on Thursday, attracting above average demand.

The seven-year note auction drew a high yield of 2.565 percent and a bid-to-cover ratio of 2.73.

Last month, the Treasury also sold $28 billion worth of seven-year notes, drawing a high yield of 2.370 percent and a bid-to-cover ratio of 2.55.

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 had an average bid-to-cover ratio of 2.52.

Today's seven-year note auction came after the Treasury sold $26 billion worth of two-year notes on Tuesday and $34 billion worth of five-year notes on Wednesday.

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