WASHINGTON (dpa-AFX) - A day after reporting modestly below average demand for this month's three-year note auction, the Treasury Department on Wednesday revealed this month's auction of $37 billion worth of ten-year notes attracted above average demand.
The ten-year note auction drew a high yield of 4.024 percent and a bid-to-cover ratio of 2.56.
The Treasury also sold $37 billion worth of ten-year notes last month, drawing a high yield of 4.296 percent and a bid-to-cover ratio of 2.53.
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 2.46.
On Thursday, the Treasury is due to announce the results of this month's auction of $21 billion worth of thirty-year bonds.
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