WASHINGTON (dpa-AFX) - The Treasury Department announced the results of this month's auction of $13 billion worth of twenty-year bonds on Tuesday, revealing the sale attracted below average demand.
The twenty-year bond auction drew a high yield of 4.686 percent and a bid-to-cover ratio of 2.50.
Last month, the Treasury sold $16 billion worth of twenty-year bonds, drawing a high yield of 4.680 percent and a bid-to-cover ratio of 2.34.
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 twenty-year bond auctions had an average bid-to-cover ratio of 2.59.
On Thursday, the Treasury is due to announce the details of this month's auctions of two-year, five-year and seven-year notes.
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