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Two-Year Note Auction Attracts Well Above Average Demand


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The Treasury Department kicked off this week’s series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month’s auction of $42 billion worth of two-year notes attracted well above average demand.

The two-year note auction drew a high yield of 4.139 percent and a bid-to-cover ratio of 2.94

Last month, the Treasury also sold $42 billion worth of two-year notes, drawing a high yield of 4.373 percent and a bid-to-cover ratio of 2.71.

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 two-year note auctions had an average bid-to-cover ratio of 2.58.

The Treasury is due to announce the results of this month’s auctions of $43 billion worth of five-year notes and $35 billion worth of seven-year notes on Wednesday and Thursday, respectively.

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