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Ten-Year Note Auction Attracts Average Demand

After revealing average demand for this month's auction of $58 billion worth of three-year notes earlier in the day, the Treasury Department announced Monday afternoon that this month's auction of $38 billion worth of ten-year notes also attracted average demand.

The Treasury said the ten-year note auction drew a high yield of 1.371 percent and a bid-to-cover ratio of 2.39.

Last month, the Treasury also sold $38 billion worth of ten-year notes, drawing a high yield of 1.497 percent and a bid-to-cover ratio of 2.58.

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 2.41.

Looking ahead, the Treasury is due to announce the result of its auction of $24 worth of thirty-year bonds on Tuesday.

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