Treasury's $44 Billion Seven-Year Note Sale Draws Slightly Below-Average Demand

The Treasury Department said Thursday that its auction of $44 billion in seven-year notes drew slightly below-average demand, with a high yield of 4.894% and a bid-to-cover ratio of 2.46. The bid-to-cover ratio, which measures bids for every dollar of securities sold, came in below the 2.49 average of the ten previous seven-year auctions. Last month's $44 billion sale drew a high yield of 5.085% and a ratio of 2.42. Earlier this week, the Treasury sold $69 billion in two-year notes at slightly below-average demand and $70 billion in five-year notes at roughly average demand.