Financial News: Thirty-Year Bond Auction Attracts Modestly Below Average D

Thirty-Year Bond Auction Attracts Modestly Below Average Demand

08/08/2024 - 13:12:00 (RTTNews)

(RTTNews) - The Treasury Department finished off this week's series of announcements of the results of its long-term securities auctions on Thursday, revealed this month's sale of $25 billion worth of thirty-year bonds attracted modestly below average demand.

The thirty-year bond auction drew a high yield of 4.314 percent and a bid-to-cover ratio of 2.31.

Last month, the Treasury sold $22 billion worth of thirty-year bonds, drawing a high yield of 4.405 percent and a bid-to-cover ratio of 2.30.

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 2.38.

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 $42 billion worth of ten-year notes attracted below average demand.

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