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The Treasury Department kicked off this week's series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month's auction of $58 billion worth of three-year notes attracted below average demand.
The three-year note auction drew a high yield of 3.784 percent and a bid-to-cover ratio of 2.47.
Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 3.908 percent and a bid-to-cover ratio of 2.70.
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 three-year note auctions had an average bid-to-cover ratio of 2.61.
The Treasury is scheduled to announce the results of this month's auctions of $39 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.
