The Treasury Department completed its record sale of 3-year notes early Wednesday afternoon. The government has increased the size of the offering in the previous three months, as it continues to build funding for its unprecedented stimulus spending.
The auction was for a record $35.0 billion worth of 3-year notes, drawing a high yield of 1.385 percent. Meanwhile, the sale attracted a moderately strong demand, with the bid-to cover ratio coming in at a level of 2.42. The security is scheduled to mature April 15th, 2012.
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 previous auction took place early last month, when the government sold $34.0 billion worth of the security. The sale drew a high yield of 1.489 percent, and posted moderate demand, with the bid-to-cover ratio coming in at 2.26.
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