Treasury Auctions $28 Billion Worth Of Three-Year Notes

(RTTNews) - Kicking off this week's series of long-term securities auctions, the Treasury Department sold $28 billion worth of three-year notes on Tuesday.

The three-year note auction drew a high yield of 0.930 percent and a bid-to-cover ratio of 3.41.

Last month, the Treasury sold $29 billion worth of three-year notes, drawing a high yield of 0.928 percent and a bid-to-cover ratio of 3.40.

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 3.32.

Looking ahead, the Treasury is due to sell $21 billion worth of ten-year notes on Wednesday and $13 billion worth of thirty-year bonds on Thursday.