WASHINGTON (dpa-AFX) - Finishing off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Wednesday revealed this month's auction of $44 billion worth of seven-year notes attracted slightly above average demand.
The seven-year note auction drew a high yield of 4.194 percent and a bid-to-cover ratio of 2.64.
Last month, the Treasury also sold $44 billion worth of seven-year notes, drawing a high yield of 4.457 percent and a bid-to-cover ratio of 2.64.
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 seven-year note auctions had an average bid-to-cover ratio of 2.61.
Earlier this week, the Treasury revealed this month's auction of $69 billion worth of two-year notes attracted below average demand, while this month's auction of $70 billion worth of five-year notes attracted average demand.
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