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

A day after reporting modestly below average demand for this month's three-year note auction, the Treasury Department on Wednesday revealed this month's auction of $37 billion worth of ten-year notes attracted above average demand.

The ten-year note auction drew a high yield of 4.024 percent and a bid-to-cover ratio of 2.56.

The Treasury also sold $37 billion worth of ten-year notes last month, drawing a high yield of 4.296 percent and a bid-to-cover ratio of 2.53.

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 2.46.

On Thursday, the Treasury is due to announce the results of this month's auction of $21 billion worth of thirty-year bonds.