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Three-Year Note Auction Attracts Average Demand

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

The three-year note auction drew a high yield of 2.436 percent and a bid-to-cover ratio of 2.94.

Last month, the Treasury sold $26 billion worth of three-year notes, drawing a high yield of 2.280 percent and a bid-to-cover ratio of 3.00.

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 2.93.

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