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Twenty-Year Bond Auction Attracts Modestly Above Average Demand

The Treasury Department on Tuesday announced the results of this month's auction of $24 billion worth of twenty-year bonds, revealing the sale attracted modestly above average demand.

The twenty-year bond auction drew a high yield of 2.120 percent and a bid-to-cover ratio of 2.40.

Last month, the Treasury sold $27 billion worth of twenty-year bonds, drawing a high yield of 2.286 percent and a bid-to-cover ratio of 2.24.

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 twenty-year bond auctions had an average bid-to-cover ratio of 2.33.

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