Seven-Year Note Auction Attracts Below Average Demand

Finishing off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Thursday that this month’s auction of $62 billion worth of seven-year notes attracted below average demand. The seven-year note auction drew a high yield of 1.050 percent and a bid-to-cover ratio of 2.23 Last month, the Treasury also sold $62 billion worth of seven-year notes, drawing a high yield of 1.264 percent and a bid-to-cover ratio of 2.36. 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 2.30. Earlier this week, the Treasury revealed its auction of $60 billion worth of two-year notes attracted modestly below average demand, while its auction of $61 billion worth of five-year notes attracted average demand. .

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