The Treasury Department announced the results of this month's auction of $40 billion worth of three-year notes on Tuesday, revealing the sale attracted well above average demand.
The three-year note auction drew a high yield of 3.695 percent and a bid-to-cover ratio of 2.93.
Last month, the Treasury also sold $40 billion worth of three-year notes, drawing a high yield of 3.810 percent and a bid-to-cover ratio of 2.59.
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 2.56.
The Treasury is due to announce the results of this month's auction of $35 billion worth of ten-year notes and $21 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211804/
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