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Ten-Year Note Auction Attracts Below Average Demand

After announcing the results of its auction of three-year notes on Monday, the Treasury Department revealed Tuesday that this month's auction of $41 billion worth of ten-year notes attracted below average demand.

The ten-year note auction drew a high yield of 0.960 percent and a bid-to-cover ratio of 2.32.

The Treasury sold $35 billion worth of ten-year notes last month, drawing a high yield of 0.765 percent and a bid-to-cover ratio of 2.47.

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.

Following the Veterans Day holiday on Wednesday, the Treasury is due to finish off this week's announcements of the results of its long-term securities by revealing the results of its auction of $27 billion worth of thirty-year bonds on Thursday.

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