Bonds Trim Losses After Strong Seven-Year Auction

Wednesday, 29 Sep 2010 02:15 PM

 

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U.S. Treasury prices pared earlier losses Wednesday after strong demand produced a record low yield at a $29 billion auction of new seven-year government debt.

The Treasury Department sold the seven-year issue due Sept. 2017 at 1.890 percent below the previous record low at 1.989 percent set in August.

The bid-to-cover ratio, which gauges overall demand at a Treasuries auction, came in at 3.04, the highest reading since the seven-year debt maturity was reintroduced in February 2009.

In the open market, seven-year Treasuries last traded down 2/32 in price to yield 1.85 percent, up from 1.84 percent late Thursday.

© 2014 Thomson/Reuters. All rights reserved.

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