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Ten-Year Note Auction Attracts Slightly Above Average Demand

Continuing this week's series of announcement of the results of its long-term securities auctions, the Treasury Department on Wednesday revealed this month's auction of $36 billion worth of ten-year notes attracted slightly above average demand.

The ten-year note auction drew a high yield of 1.723 percent and a bid-to-cover ratio of 2.51.

The Treasury also sold $36 billion worth of ten-year notes last month, drawing a high yield of 1.518 percent and a bid-to-cover ratio of 2.43.

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 2.48.

On Tuesday, the Treasury revealed this month's auction of $52 billion worth of three-year notes also attracted slightly above average demand.

The Treasury is due to announce the results of this month's auction of $22 billion worth of thirty-year bonds on Thursday.

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