The Treasury Department completed its sale of 10-year notes in the late morning hours on Thursday. The government has increased the size of the offering by approximately $4 billion since last year, as it continues to build funding for its unprecedented stimulus spending.
The auction was for $18.0 billion worth of 10-year notes, drawing a high yield of 2.950 percent. Meanwhile, the sale attracted a moderately strong demand, with the bid-to-cover ratio coming in at a level of 2.49.
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 of the benchmark note took place early last month, when the Treasury sold $18.0 billion worth of the securities. The auction drew a high yield of 3.681 percent while attracting modest demand, with the bid-to-cover ratio coming in at a level of 2.14.
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