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Seven-Year Note Auction Attracts Above Average Demand

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Finishing off this week’s series of announcement of the results of its long-term securities auctions, the Treasury Department on Thursday revealed this month’s auction of $44 billion worth of seven-year notes attracted above average demand.

The seven-year note auction drew a high yield of 2.908 percent and a bid-to-cover ratio of 2.41.

Last month, the Treasury sold $47 billion worth of seven-year notes, drawing a high yield of 2.499 percent and a bid-to-cover ratio of 2.44.

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 2.32.

Earlier this week, the Treasury revealed this month’s two-year note auction attracted well above average demand, while this month’s five-year note auction attracted average demand.

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