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Thirty-Year Bond Auction Attracts Above Average Demand

The Treasury Department announced the results of this month's auction of $18 billion worth of thirty-year bonds on Tuesday, revealing the sale attracted above average demand.

The thirty-year bond auction drew a high yield of 3.511 percent and a bid-to-cover ratio of 2.42.

Last month, the Treasury sold $21 billion worth of thirty-year bonds, drawing a high yield of 3.106 percent and a bid-to-cover ratio of 2.31.

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 2.33.

On Monday, the Treasury announced the results of this month's auctions of $41 billion worth of three-year notes and $32 billion worth of ten-year notes.

The three-year note auction attracted modestly above average demand, while the ten-year note auction attracted below average demand.

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