Financial News: Seven-Year Note Auction Attracts Above Average Demand

Seven-Year Note Auction Attracts Above Average Demand

11/27/2024 - 13:35:00 (RTTNews)

(RTTNews) - Finishing off this week's series of announcement of the results of its long-term securities auctions, the Treasury Department on Wednesday revealed this month's sale of $44 billion worth of seven-year notes attracted above average demand.

The seven-year note auction drew a high yield of 4.183 percent and a bid-to-cover ratio of 2.71.

The Treasury also sold $44 billion worth of seven-year notes last month, drawing a high yield of 4.215 percent and a bid-to-cover ratio of 2.74.

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

Earlier this week, the Treasury revealed this month's auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes also attracted above average demand.

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