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The Treasury Department announced the results of this month's auction of $16 billion worth of twenty-year bonds on Wednesday, revealing the sale attracted below average demand.

The twenty-year bond auction drew a high yield of 5.122 percent and a bid-to-cover ratio of 2.55.

Last month, the Treasury sold $13 billion worth of twenty-year bonds, drawing a high yield of 4.883 percent and a bid-to-cover ratio of 2.68.

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 twenty-year bond auctions had an average bid-to-cover ratio of 2.65.

On Thursday, the Treasury is scheduled to announce the details of this month's auctions of two-year, five-year and seven-year notes.

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Twenty-Year Bond Auction Attracts Below Average Demand