WASHINGTON (dpa-AFX) - The Treasury Department announced the results of this month's auction of $58 billion worth of three-year notes on Tuesday, revealing the sale attracted well below average demand.
The three-year note auction drew a high yield of 4.548 percent and a bid-to-cover ratio of 2.50.
Last month, the Treasury sold $56 billion worth of three-year notes, drawing a high yield of 4.256 percent and a bid-to-cover ratio of 2.60.
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 2.67.
Looking ahead, the Treasury is due to announce the results of this month's auctions of $39 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
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