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Three-Year Note Auction Attracts Average Demand

The Treasury Department kicked off this week's series of announcements of the results of long-term securities auctions on Monday, revealing that the sale of $58 worth of three-year notes attracted average demand.

The Treasury said the three-year note auction drew a high yield of 0.426 percent and a bid-to-cover ratio of 2.41.

Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 0.325 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 three-year note auctions had an average bid-to-cover ratio of 2.42.

The Treasury is due to announce the results of this month's auction of $38 worth of ten-year notes later today, while the results of its auction of $24 worth of thirty-year bonds will be announced on Tuesday.

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