US sells $56 billion of 3 year notes that high yield of 0.211%

Tail of 0.4 basis points

• WI yield at time of auction was 0.207%. Tail of 0.4 basis points
• High yield of 0.211% vs. prior auction of 0.25%
• Bid to cover 2.28x vs. six-month average of 2.4x
• Dealers take 34.88% vs. six-month average of 25.5%
• Directs 15.9% vs. six-month average of 14.2%
• Indirects 49.3% vs. six-month average of 60.3%

A sloppy auction with a 0.4 basis point tail, bid to cover that was less than the six-month average, dealers saddled with a higher percentage of the auction.

Grade: D