Treasury Auctions $29 Billion Worth Of Seven-Year Notes

(RTTNews) - Finishing off this week's series of long-term securities auctions, the Treasury Department sold $29 billion worth of seven-year notes on Thursday.

The seven-year note auction drew a high yield of 2.385 percent and a bid-to-cover ratio of 2.45.

Last month, the Treasury also sold $29 billion worth of seven-year notes, drawing a high yield of 2.106 percent and a bid-to-cover ratio of 2.36.

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 seven-year note auctions had an average bid-to-cover ratio of 2.57.

Peter Boockvar, managing director at the Lindsey Group, said, "Following yesterday's very poor 5-year note auction, likely due to a wait and see approach ahead of the FOMC statement, today's 7-year auction was not much better."

Today's seven-year note auction came after the Treasury sold $32 billion worth of two-year notes on Tuesday and $35 billion worth of five-year notes on Wednesday.