Continuing this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Wednesday that its sale of $55 billion worth of five-year notes attracted below average demand.
The five-year note auction drew a high yield of 0.330 percent and a bid-to-cover ratio of 2.38.
Last month, the Treasury sold $53 billion worth of five-year notes, drawing a high yield of 0.275 percent and a bid-to-cover ratio of 2.52.
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 five-year note auctions had an average bid-to-cover ratio of 2.50.
On Tuesday, the Treasury revealed its auction of $54 billion worth of two-year notes attracted modestly above average demand.
The Treasury is scheduled to announce the results of its auction of $53 billion worth of seven-year notes on Thursday.