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Thirty-Year Bond Auction Attracts Modestly Below Average Demand

Finishing off this week's series of long-term securities auctions, the Treasury Department sold $19 billion worth of thirty-year bonds on Thursday, attracting modestly below average demand.

The thirty-year bond auction drew a high yield of 2.892 percent and a bid-to-cover ratio of 2.20.

Last month, the Treasury sold $16 billion worth of thirty-year bonds, drawing a high yield of 2.930 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 2.27.

Today's thirty-year bond auction came after the Treasury sold $38 billion worth of three-year notes on Tuesday and $27 billion worth of ten-year notes on Wednesday.

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