Two-Year Note Auction Attracts Above Average Demand

(RTTNews) - Kicking off this week's series of long-term securities auctions, the Treasury Department sold $32 billion worth of two-year notes on Monday, attracting above average demand.

The two-year note auction drew a high yield of 0.300 percent and a bid-to-cover ratio of 3.54.

Last month, the Treasury also sold $32 billion worth of two-year notes, drawing a high yield of 0.323 percent and a bid-to-cover ratio of 3.32.

The ten previous three-year note auctions had an average bid-to-cover ratio of 3.28.

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 Treasury is also due to sell $35 billion worth of five-year notes on Tuesday and $29 billion worth of seven-year notes on Wednesday.