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Seven-Year Note Auction Attracts Strong Demand

The Treasury Department on Thursday announced the results of this month's auction of $38 billion worth of seven-year notes, revealing the sale attracted strong demand.

The seven-year note auction drew a high yield of 2.730 percent and a bid-to-cover ratio of 2.60.

The Treasury sold $40 billion worth of seven-year notes last month, drawing a high yield of 3.280 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 seven-year note auctions had an average bid-to-cover ratio of 2.39.

Earlier this week, the Treasury several this month's auctions of $45 billion worth of two-year notes and $46 billion worth of five-year notes attracted roughly average demand.

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