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Treasury Announces Results Of Twenty-Year Bond Auction

The Treasury Department announced the results of this month's auction of $17 billion worth of twenty-year bonds on Wednesday.

The twenty-year bond auction drew a high yield of 1.059 percent and a bid-to-cover ratio of 2.43.

Last month, the Treasury also sold $17 billion worth of twenty-year bonds, drawing a high yield of 1.314 percent and a bid-to-cover ratio of 2.63.

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 Treasury reintroduced the twenty-year bond in May as the government seeks to the extend the time it has to pay off its record debt as deficits skyrocket due in part to the coronavirus crisis.

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