US sells 3 year notes at 0.850% vs 0.860% WI

Results of the $24B, three-year auction

  • Was trading at 0.860% in the WI market on the bid side
  • Prior sale was 0.765%

There was talk about a potential Japanese bid ahead of the sale as the world seeks out positive rates. Indirects at 56.9% suggest it might have materialized.

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