WI at auction time came in at 2.241%
- US sells $38B of 3-year notes at 2.248% vs WI at 2.241%
- Bid to cover 2.48x vs 2.53x 6-month average
- Primary dealers take 42.03% vs 40.01% 6-month average
- Directs 20.0% vs 18.7% last month
- Indirects 37.9% vs 42.7% last month
Not a great auction.
The bid to cover was light vs the average. The dealers took more than the average. THere was a tail of 0.7 bps. Not great demand.
