NEW YORK, Aug 13 (Reuters) - The U.S. Treasury Department on Wednesday sold $24 billion of 10-year notes at a yield of 2.439 percent, which was the lowest since June 2013 on above-average demand from investors and foreign central banks.
Large fund managers, overseas central banks and other indirect bidders accounted for 46.99 percent of the purchases of the latest 10-year issue, part of this week's $67 billion of the federal government quarterly refunding. It was this group's largest share purchase at a 10-year auction since May, Treasury data showed.
Primary dealers or the 22 top U.S. Wall Street firms that deal directly with the Federal Reserve bought 37.91 percent of the 10-year offering, their smallest share also since May.
The Treasury awarded direct bidders which include smaller bond dealers and selected large financial companies 15.1 percent of the supply, up from 13.91 percent in July.
The ratio of the amount of bids to the size of the offering was 2.83, up from 2.57 the previous month.
The bid-to-cover ratio is a gauge of overall demand at a bond auction. (Reporting by Richard Leong; Editing by Meredith Mazzilli)