WASHINGTON (dpa-AFX) - Kicking off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Monday revealed this month's auction of $69 billion worth of two-year notes attracted above average demand.
The two-year note auction drew a high yield of 4.274 percent and a bid-to-cover ratio of 2.77.
Last month, the Treasury also sold $69 billion worth of two-year notes, drawing a high yield of 4.130 percent and a bid-to-cover ratio of 2.50.
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 drew a high yield of 2.61.
The Treasury is due to announce the results of this month's auctions of $70 billion worth of five-year notes and $44 billion worth of seven-year notes on Tuesday and Wednesday, respectively.
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