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Thirty-Year Bond Auction Attracts Average Demand

Following auctions of three-year and ten-year notes earlier this week, the Treasury Department sold $16 billion worth of thirty-year bonds on Thursday, attracting average demand.

The thirty-year bond auction drew a high yield of 2.930 percent and a bid-to-cover ratio of 2.25.

Last month, the Treasury also sold $16 billion worth of thirty-year bonds, drawing a high yield of 3.014 percent and a bid-to-cover ratio of 2.25.

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 2.28.

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

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