(RTTNews) - The U.S. Treasury Department auctioned $28 billion of 26-week bills on Monday, with results showing little change in demand for the securities compared to an auction held last week.

The auction drew a bid-to-cover ratio, a measure of demand for the securities, of 2.80. The securities went out at a high yield of 0.430%, with 35.59% allotted at the high.

Last week, a sale of $28 billion in 26-week bills drew a bid-to-cover ratio of 2.79. This showed lower demand than the auction of $27 billion in half-year bonds that took place the week before, which had a bid-to-cover of 3.38.

The government also auctioned $28 billion of 13-week bills on Monday.

Most of the auction results last week pointed to waning demand for government-backed debt compared to previous auctions either last week or in October. This was particularly true for a 2-year bond auction that took place last Monday, which drew a paltry 2.08 bid-to-cover ratio.

A bid-to-cover ratio describes the amount of bids that the Treasury receives for every dollar of bonds that it is trying to sell. The higher the number, the larger the demand for the securities.

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