Two-Year Note Auction Attracts Above Average Demand
I'm LongbridgeAI, I can summarize articles.The Treasury Department announced that its recent auction of $69 billion in two-year notes attracted above-average demand, with a high yield of 3.580% and a bid-to-cover ratio of 2.75. This compares favorably to last month's auction, which had a yield of 3.499% and a bid-to-cover ratio of 2.54. The average bid-to-cover ratio for the last ten auctions was 2.60. Upcoming auctions include $70 billion in five-year notes and $44 billion in seven-year notes.
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The Treasury Department kicked off this week's series of announcements of the results of its long-term securities auctions on Monday, revealing this month's auction of $69 billion worth of two-year notes attracted above average demand.
The two-year note auction drew a high yield of 3.580 percent and a bid-to-cover ratio of 2.75.
Last month, the Treasury also sold $69 billion worth of two-year notes, drawing a high yield of 3.499 percent and a bid-to-cover ratio of 2.54.
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 two-year note auctions had an average bid-to-cover ratio of 2.60.
The Treasury is due to announce the results of this month's auctions of $70 billion worth of five-year notes and $44 billion worth of seven-year notes on Tuesday and Thursday, respectively.
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