The Treasury Department kicked off this week’s series of long-term securities auctions with the sale of $36 billion worth of two-year notes on Monday, attracting average demand.
The two-year note auction drew a high yield of 2.655 percent and a bid-to-cover ratio of 2.89.
Last month, the Treasury sold $35 billion worth of two-year notes, drawing a high yield of 2.657 percent and a bid-to-cover ratio of 2.92.
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 two-year note auctions had an average bid-to-cover ratio of 2.86.
Looking ahead, the Treasury is due to sell $37 billion worth of five-year notes on Tuesday and $31 billion worth of seven-year notes on Wednesday.