The Treasury Department continued this week's series of announcement of the results of its long-term securities auctions on Wednesday, revealing this month's sale of $42 billion worth of ten-year notes attracted well below average demand.
The ten-year note auction drew a high yield of 4.255 percent and a bid-to-cover ratio of 2.35.
Last month, the Treasury sold $39 billion worth of ten-year notes, drawing a high yield of 4.362 percent and a bid-to-cover ratio of 2.61.
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 2.58.
On Tuesday, the Treasury revealed this month's auction of $58 billion worth of three-year notes attracted slightly below average demand.
The Treasury is due to finish off this week's series of announcements of the results of its long-term securities auctions on Thursday by revealing the results of this month's sale of $25 billion worth of thirty-year bonds.
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