Five-Year Note Auction Attracts Modestly Below Average Demand
The Treasury Department announced the results of this month's auction of $70 billion worth of five-year notes on Wednesday, revealing the sale attracted modestly below average demand.
The five-year note auction drew a high yield of 4.659 percent and a bid-to-cover ratio of 2.39.
Last month, the Treasury sold $67 billion worth of five-year notes, drawing a high yield of 4.235 percent and a bid-to-cover ratio of 2.41.
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 2.46.
On Tuesday, the Treasury revealed this month's auction of $69 billion worth of two-year notes also attracted modestly below average demand.
The Treasury is due to announce the results of this month's auction of $44 billion worth of seven-year notes on Thursday.
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