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Three-Year Note Auction Attracts Strong Demand

The Treasury Department announced the results of this month's auction of $45 billion worth of three-year notes on Tuesday, revealing the sale attracted strong demand.

The three-year note auction drew a high yield of 2.809 percent and a bid-to-cover ratio of 2.59.

Last month, the Treasury sold $46 billion worth of three-year notes, drawing a high yield of 2.738 percent and a bid-to-cover ratio of 2.48.

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 2.43.

Looking ahead, the Treasury is due to announce the results of this month's auctions of $36 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

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