Treasury Auctions $35 Billion Worth Of Five-Year Notes

Continuing this week’s series of long-term securities auctions, the Treasury Department sold $35 billion worth of five-year notes on Wednesday.

The five-year note auction drew a high yield of 1.625 percent and a bid-to-cover ratio of 2.58.

Last month, the Treasury also sold $35 billion worth of five-year notes, drawing a high yield of 1.710 percent and a bid-to-cover ratio of 2.39.

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 five-year note auctions had an average bid-to-cover ratio of 2.50.

The Treasury is due to finish off this week’s series of long-term securities auctions on Thursday with the sale of $29 billion worth of seven-year notes.

The material has been provided by InstaForex Company – www.instaforex.com

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