US auctions $32B of 3 year notes at 2.664%

Bid to cover at 2.83x vs 2.76x at the last auction

The US auctioned $32B of 3 year notes at a high yield of 2.664%.

• The bid to cover came in at 2.83x vs 2.76x at the last auction. The high over the last 12 months is 3.15x. The low is 2.7x.

• US awards 51.4 to indirect bidders. The largest since January

• 39.4% went to primary dealers, which was the lowest since January

• 9.2% went to direct bidders