August 6, 2018 / 4:14 PM / in 4 months

Demand for U.S. T-bill supply sags on heavy issuance

NEW YORK, Aug 6 (Reuters) - Demand for U.S. Treasury bill supply on Monday weakened on Monday, prompted by a flood of short-term issuance from the government to raise cash for spending and meeting its debt obligation.

The ratio of bids to the $51 billion of three-month bills offered was 2.54, the lowest since December 2008, Treasury data showed.

The bid-to-cover ratio on $45 billion of six-month T-bills was 2.66, which was the weakest reading since February 2009.

Reporting by Richard Leong; Editing by Meredith Mazzilli

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