Mumbai, Aug. 21 -- The US Treasury Department on Wednesday announced the results of this month's auction of $16 billion worth of twenty-year bonds. Data showed that the sale attracted modestly below average demand. The twenty-year bond auction drew a high yield of 4.876 percent and a bid-to-cover ratio of 2.54. Last month, the Treasury sold $13 billion worth of twenty-year bonds, drawing a high yield of 4.935 percent and a bid-to-cover ratio of 2.79. The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold. The ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.60.

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