After yesterday’s auctions of $36 billion worth of three-year notes and $23 billion worth of ten-year notes, the Treasury Department finished off this week’s series of long-term securities auctions with the sale of $15 billion worth of thirty-year bonds on Thursday.
The thirty-year bond auction drew a high yield of 3.344 percent and a bid-to-cover ratio of 2.42.
Last month, the Treasury also sold $15 billion worth of thirty-year bonds, drawing a high yield of 3.088 percent and a bid-to-cover ratio of 2.34.
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 2.32.
While the thirty-year bond auction attract slightly above average demand, the three-year and ten-year note auctions on Wednesday attracted below average demand.