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Ten-Year Note Auction Attracts Above Average Demand

After announcing the results of its three-year note auction on Tuesday, the Treasury Department revealed Wednesday that its auction of $29 billion worth of ten-year notes attracted above average demand.

The ten-year note auction drew a high yield of 0.653 percent and a bid-to-cover ratio of 2.62.

Last month, the Treasury also sold $29 billion worth of ten-year notes, drawing a high yield of 0.832 percent and a bid-to-cover ratio of 2.26.

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 ten-year note auctions had an average bid-to-cover ratio of 2.46.

On Thursday, the Treasury is due to announce the results of this month's auction of $19 billion worth of thirty-year bonds.

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