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Thirty-Year Bond Auction Attracts Below Average Demand

(RTTNews) - Finishing off this week's announcements of the results of its long-term securities auctions, the Treasury Department revealed Thursday that its auction of $26 billion worth of thirty-year bonds attracted below average demand.

The thirty-year bond auction drew a high yield of 1.406 percent and a bid-to-cover ratio of 2.14.

Last month, the Treasury sold $19 billion worth of thirty-year bonds, drawing a high yield of 1.330 percent and a bid-to-cover ratio of 2.50.

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 2.37.
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