WASHINGTON (dpa-AFX) - The Treasury Department announced the results of this month's auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes on Tuesday, revealing the sales attracted well below average demand.
The two-year note auction drew a high yield of 4.917 percent and a bid-to-cover ratio of 2.41.
Last month, the Treasury also sold $69 billion worth of two-year notes, drawing a high yield of 4.898 percent and a bid-to-cover ratio of 2.66.
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 two-year note auctions had an average bid-to-cover ratio of 2.67.
Meanwhile, the five-year note auction drew a high yield of 4.553 percent and a bid-to-cover ratio of 2.30.
The Treasury also sold $70 billion worth of five-year notes last month, drawing a high yield of 4.659 percent and a bid-to-cover ratio of 2.39.
The ten previous five-year note auctions had an average bid-to-cover ratio of 2.45.
On Wednesday, the Treasury is scheduled to announce the results of this month's auction of $44 billion worth of seven-year notes.
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