US Treasury auctions $58B of 3 year notes at a high yield of 3.440%

High Yield:3.440%

• Previous: 3.81%

WI Level at the time of the auction: 3.457%

Tail: -1.7 bs

• Previous: -0.2bps

• Six-auction average: 0.1bps

Bid-to-Cover: 2.66X

• Previous: 2.55x

• Six-auction average: 2.56x

Dealers:10.45%

• Previous: 15.4%

• Six-auction average: 16.4%

Directs (a measure of domestic demand):11.3%

• Previous: 20.3%

• Six-auction average: 18.8%

Indirects (a measure of international demand):78.24%

• Previous: 64.4%

• Six-auction average: 64.7%

AUCTION GRADE:

This article was written by Greg Michalowski at www.forexlive.com.