Thursday morning, the Treasury Department revealed details for its weekly 13-week bill auction. In recent months, the government has ramped up its sales of securities in an effort to fund its stimulus and recovery efforts.
The auction for the 13-week bill, also known as the 3-month bill, is scheduled to take place next week Monday, at 1 PM ET. The government plans to sell $31 billion worth of the short-term security that will mature July 2nd 2009.
The previous auction for comparable securities took place earlier this week, when $31 billion worth of the bill was sold. The auction drew a yield of 0.225 percent, while it drew strong demand, with the bid-to-cover ratio coming in at 3.18.
In other treasury news this morning, the government announced its intent to auction $29.0 billion in 6-month notes early next week.
Later in the day, the Treasury plans to auction $24 billion worth of seven-year notes. The previous auction of $22 billion worth on seven-year notes in February drew a yield of 2.748 percent and a bid-to-cover ratio of 2.11.
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