The Treasury Department on Thursday announced the results of this month's auction of $38 billion worth of seven-year notes, revealing the sale attracted strong demand.
The seven-year note auction drew a high yield of 2.730 percent and a bid-to-cover ratio of 2.60.
The Treasury sold $40 billion worth of seven-year notes last month, drawing a high yield of 3.280 percent and a bid-to-cover ratio of 2.48.
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 seven-year note auctions had an average bid-to-cover ratio of 2.39.
Earlier this week, the Treasury several this month's auctions of $45 billion worth of two-year notes and $46 billion worth of five-year notes attracted roughly average demand.
