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Thirty-Year Bond Auction Attracts Below Average Demand

After reporting below average demand this month's three-year and ten-year note auctions, the Treasury Department revealed on Wednesday that this month's auction of $25 billion worth of thirty-year bonds also attracted below average demand.

The thirty-year bond auction drew a high yield of 1.940 percent and a bid-to-cover ratio of 2.20.

The Treasury sold $24 billion worth of thirty-year bonds last month, drawing a high yield of 2.049 percent and a bid-to-cover ratio of 2.36.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.32.

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