NEW YORK, Aug 12 (Reuters) - The U.S. Treasury Department on Wednesday sold $24 billion in 10-year notes to weak demand, resulting in it paying a higher yield to investors than the market expected, Treasury data showed.
The ratio of bids submitted to the amount offered was 2.40, the lowest since March 2009 when it was 2.14. This gauge of overall auction demand was 2.72 at the prior 10-year auction in July.
The yield on the latest 10-year note issue was 2.115 percent, the lowest at a 10-year auction since April and below the 2.225 percent seen in July. But it was about one basis point above what traders had expected in “when-issued” trading. (Reporting by Richard Leong; Editing by James Dalgleish)