The U.S Treasury Department has concluded its latest round of long-term securities auctions this week. Particularly noteworthy was this month’s auction, which saw $22 billion worth of thirty-year bonds bring in a higher than usual level of demand.The auction for these bonds recorded a high yield of 4.331 percent and a bid-to-cover ratio of 2.47. For comparison, last month’s auction of $25 billion worth of thirty-year bonds showed a high yield of 4.360 percent and a bid-to-cover ratio of 2.40.Just to clarify, the bid-to-cover ratio is a measure of demand, showing the number of bids in relation to each dollar’s worth of securities sold. Looking at past auctions, the average bid-to-cover ratio for the last ten thirty-year bond auctions was 2.39.In other activity this week, the Treasury’s auction of $56 billion worth of three-year notes generated less than the average demand, whilst the $39 billion auction of ten-year notes saw a regular level of demand.Details of this month’s twenty-year bond auction are set to be announced by the Treasury at 11 a.m (ET) on Thursday.The material has been provided by InstaForex Company – www.instaforex.com
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