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

The Treasury Department has reported that this month's auction of $39 billion in ten-year notes experienced slightly above-average demand. This comes just a day after announcing a similarly above-average interest in the auction of $58 billion worth of three-year notes.

The auction for the ten-year notes saw a high yield of 4.276 percent and a bid-to-cover ratio of 2.58. In comparison, last month's auction of the same amount drew a high yield of 4.438 percent and a bid-to-cover ratio of 2.67.

The bid-to-cover ratio, which measures the demand for Treasury securities by indicating the amount of bids per dollar of securities sold, averaged 2.51 over the past ten auctions.

Looking ahead, the Treasury Department is set to disclose the results of the auction for $22 billion worth of thirty-year bonds on Thursday.