Treasury's $54 Billion Three-Year Note Auction Draws Average Demand

The Treasury Department sold $54 billion worth of three-year notes on Tuesday, drawing average demand with a high yield of 1.000 percent and a bid-to-cover ratio of 2.43. Last month's $56 billion three-year note auction drew a high yield of 0.750 percent and a bid-to-cover ratio of 2.33. The bid-to-cover ratio measures bids received per dollar of securities sold. The ten previous three-year note auctions averaged 2.44. The Treasury is scheduled to announce results of this month's auction of $36 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.