Kicking off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department on Monday revealed this month's auction of $46 billion worth of three-year notes attracted slightly above average demand.
The three-year note auction drew a high yield of 2.738 percent and a bid-to-cover ratio of 2.48.
Last month, the Treasury sold $48 billion worth of three-year notes, drawing a high yield of 1.775 percent and a bid-to-cover ratio of 2.39.
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 three-year note auctions had an average bid-to-cover ratio of 2.43.
Looking ahead, the Treasury is due to announce the results of this month's auctions of $34 billion worth of ten-year notes and $20 billion worth of thirty-year bonds on Tuesday and Wednesday, respectively.
