The Treasury Department continued its announcements regarding long-term securities auctions this week, disclosing on Wednesday that this month's $39 billion auction of ten-year notes experienced above-average demand.
This auction resulted in a high yield of 3.648% and a bid-to-cover ratio of 2.64.
In comparison, last month's auction involved $42 billion of ten-year notes, achieving a high yield of 3.960% and a bid-to-cover ratio of 2.32.
For context, the bid-to-cover ratio measures demand, indicating the number of bids received for each dollar of securities sold.
The average bid-to-cover ratio for the ten previous ten-year note auctions stood at 2.50.
In related news, Tuesday's announcement revealed that this month's $58 billion auction of three-year notes also garnered above-average demand.
Upcoming, the Treasury will announce the results of this month's $22 billion auction of thirty-year bonds on Thursday.
