The US treasury auctions off $58B of 3-year notes at a high yield of 4.117%

The US Treasury has auctioned $58B of 3 year notes.

• Wi level at the time of the auction:4.116%
• High Yield: 4.117%
• Bid to cover:2.58X vs 6-month average of 2.56X
• Tail 0.1 bps vs the 6 month average of 0.0 bps
• Directs (domestic buyers) 20.7% vs 6 month average of 17.1%
• Indirect (international buyers) 64.2% vs the 6-month average of 66.4%
• Dealers 15.1% vs 6-month average of 16.6%

AUCTION Grade: C

The auction came in near the screws vs the WI level of 4.116%. THe yield was just a hair higher at 4.117%. THe Bid to cover was just above its 6-month average. The domestic buyers were larger than normal. The international buyers were a less than average. The Dealers overall were left with a touch less than average.

Overall an average grade for the first of three auctions.

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