Continuing this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Wednesday that this month's auction of $32 billion worth of ten-year notes attracted below average demand.
The ten-year note auction drew a high yield of 3.985 percent and a bid-to-cover ratio of 2.35.
The Treasury sold $35 billion worth of ten-year notes last month, drawing a high yield of 3.613 percent and a bid-to-cover ratio of 2.66.
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 2.42.
On Tuesday, the Treasury revealed this month's auction of $40 billion worth of three-year notes attracted 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.
