Financial News: Thirty-Year Bond Auction Attracts Above Average Demand

Thirty-Year Bond Auction Attracts Above Average Demand

(RTTNews) - Finishing off this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed on Thursday that this month's auction of $22 billion worth of thirty-year bonds attracted above average demand.

The thirty-year bond auction drew a high yield of 5.618 percent and a bid-to-cover ratio of 2.54.

Last month, the Treasury also sold $22 billion worth of thirty-year bonds, drawing a high yield of 5.308 percent and a bid-to-cover ratio of 2.61.

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 thirty-year bond auctions had an average bid-to-cover ratio of 2.43.

Earlier this week, the Treasury revealed this month's auction of $58 billion worth of three-year notes attracted average demand, while this month's auction of $39 billion worth of ten-year notes attracted well above average demand.

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