Three-Year Note Auction Attracts Average Demand

(RTTNews) - The Treasury Department on Monday announced the results of this month's auction of $58 billion worth of three-year notes, revealing the sale attracted average demand.

The three-year note auction drew a high yield of 3.614 percent and a bid-to-cover ratio of 2.64.

Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 3.579 percent and a bid-to-cover ratio of 2.85.

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 2.63.

The Treasury is scheduled to announce the results of this month's auctions of $39 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Tuesday and Thursday, respectively.