logo
Plus   Neg
Share
Email

Three-Year Note Auction Attracts Below Average Demand

A day later than usual due to the Columbus Day holiday on Monday, the Treasury Department sold $36 billion worth of three-year notes on Wednesday, attracting below average demand.

The three-year note auction drew a high yield of 2.989 percent and a bid-to-cover ratio of 2.56.

Last month, the Treasury sold $35 billion worth of three-year notes, drawing a high yield of 2.821 percent and a bid-to-cover ratio of 2.68.

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 2.85.

Looking ahead, the Treasury is due to sell $23 billion worth of ten-year notes later today and $15 billion worth of thirty-year bonds on Thursday.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT