27.09.2022 19:42:09
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Five-Year Note Auction Attracts Below Average Demand
(RTTNews) - Continuing this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Tuesday that this month's auction of $44 billion worth of five-year notes attracted below average demand.
The five-year note auction drew a high yield of 4.228 percent and a bid-to-cover ratio of 2.27.
The Treasury sold $45 billion worth of five-year notes last month, drawing a high yield of 3.230 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 five-year note auctions had an average bid-to-cover ratio of 2.42.
On Monday, the Treasury revealed this month's auction of $43 billion worth of two-year notes also attracted modestly below average demand.
The Treasury is due to finish off this week's series of announcements of auction results on Wednesday, revealing the results of this month's auction of $36 billion worth of seven-year notes.

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