On Thursday, the Treasury Department finished off this week’s series of long-term securities auctions with the sale of $31 billion worth of seven-year notes, attracting below average demand.
The seven-year note auction drew a high yield of 3.074 percent and a bid-to-cover ratio of 2.39.
The Treasury also sold $31 billion worth of seven-year notes last month, drawing a high yield of 3.034 percent and a bid-to-cover ratio of 2.45.
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 2.51.
Today’s seven-year note auction came after the Treasury sold $38 billion worth of two-year notes on Tuesday and $39 billion worth of five-year notes on Wednesday.