Kicking off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Monday that this month's auction of $44 billion worth of three-year notes attracted modestly above average demand.
The three-year note auction drew a high yield of 4.660 percent and a bid-to-cover ratio of 2.75.
Last month, the Treasury sold $42 billion worth of three-year notes, drawing a high yield of 4.398 percent and a bid-to-cover ratio of 2.90.
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 2.70.
The Treasury is due to announce the results of this month's auctions of $35 billion worth of ten-year notes and $20 billion worth of thirty-year bonds on Tuesday and Wednesday, respectively.
