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

The Treasury Department continued this week's series of announcements of the results of its long-term securities auctions on Wednesday, revealing this month's auction of $32 billion worth of ten-year notes attracted modestly below average demand.

The ten-year note auction drew a high yield of 3.455 percent and a bid-to-cover ratio of 2.36.

Last month, the Treasury also sold $32 billion worth of ten-year notes, drawing a high yield of 3.985 percent and a bid-to-cover ratio of 2.35.

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 2.41.

On Tuesday, the Treasury revealed this month's auction of $40 billion worth of three-year notes attracted slightly above average demand.

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