The Treasury Department kicked off this week’s series of announcements of the results of its long-term securities auctions on Tuesday, revealing the sale of $58 billion worth of three-year notes attracted below average demand.
The three-year note auction drew a high yield of 0.635 percent and a bid-to-cover ratio of 2.36.
Last month, the Treasury also sold $58 billion worth of three-year notes last month, drawing a high yield of 0.447 percent and a bid-to-cover ratio of 2.45.
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 2.45.
Later today, the Treasury is due to announce the results of this month’s auction of $38 billion worth of ten-year notes, while the results of this month’s auction of $24 billion worth of thirty-year bonds will be announced on Wednesday.