WASHINGTON (dpa-AFX) - The Treasury Department on Thursday revealed the details of the first auction of twenty-year bonds of the new year.
The Treasury announced plans to sell $13 billion worth of twenty-year bonds, with the results of the auction due to be announced next Wednesday.
Last month, the Treasury also sold $13 billion worth of twenty-year bonds, attracting modestly 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, while the ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.59.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
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