This week, the Treasury Department concluded its series of long-term securities auction results with the announcement on Thursday of a $44 billion sale in seven-year notes, which saw slightly below-average demand.The auction for the seven-year notes resulted in a high yield of 3.770 percent and a bid-to-cover ratio of 2.50.In comparison, last month’s similar auction also offered $44 billion in seven-year notes but achieved a higher yield of 4.162 percent and a bid-to-cover ratio of 2.64.For context, the bid-to-cover ratio measures demand by indicating the amount of bids received for each dollar of securities sold.Historically, the ten previous seven-year note auctions exhibited an average bid-to-cover ratio of 2.55.Earlier this week, it was revealed that the Treasury’s auction of $69 billion in two-year notes garnered slightly above-average demand, whereas the sale of $70 billion in five-year notes attracted average demand.The material has been provided by InstaForex Company – www.instaforex.com
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