India, May 11 -- The Treasury Department kicked off this week's series of announcements of the results of its long-term securities auctions on Monday, 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 3.965 percent and a bid-to-cover ratio of 2.54.
Last month, the Treasury also sold $58 billion worth of three-year notes, drawing a high yield of 3.897 percent and a bid-to-cover ratio of 2.68.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
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The ten previous three-year note a...