FX.co ★ Ten-Year Note Auction Attracts Above Average Demand

A day after revealing well above average demand for this month's three-year note auction, the Treasury Department revealed on Wednesday that this month's auction of $32 billion worth of ten-year notes also attracted above average demand.

The ten-year note auction drew a high yield of 3.857 percent and a bid-to-cover ratio of 2.53.

The Treasury Department also sold $32 billion worth of ten-year notes last month, drawing a high yield of 3.791 percent and a bid-to-cover ratio of 2.36.

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 ten-year note auctions had an average bid-to-cover ratio of 2.40.

On Thursday, the Treasury is due to announce the results of this month's auction of $18 billion worth of thirty-year bonds.