Seven-Year Note Auction Attracts Below Average

(RTTNews) - The Treasury Department finished off this week's series of announcements of the results of its long-term securities auctions on Thursday, revealing this month's sale of $44 billion worth of seven-year notes attracted below average demand. The seven-year note auction drew a high yield of 5.085 percent and a bid-to-cover ratio of 2.42. Last month, the Treasury also sold $44 billion worth of seven-year notes, drawing a high yield of 4.512 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 seven-year note auctions had an average bid-to-cover ratio of 2.50.