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Thirty-Year Bond Auction Attracts Slightly Below Average Demand

The Treasury Department finished off this week's series of long-term securities auctions with the sale of $16 billion worth of thirty-year bonds on Wednesday, attracting slightly below average demand.

The thirty-year bond auction drew a high yield of 3.014 percent and a bid-to-cover ratio of 2.25.

Last month, the Treasury sold $19 billion worth of thirty-year bonds, drawing a high yield of 3.022 percent and a bid-to-cover ratio of 2.27.

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 2.30.

Today's thirty-year bond auction came after the Treasury sold $38 billion worth of three-year notes on Monday and $24 billion worth of ten-year notes on Tuesday.

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