WI at 0.536%
- WI level was at 0.536%. Tail of 2.7 basis points
- high yield 0.563%
- bid to cover 2.2x vs 2.56x last and six-month average of 2.51x
- Dealers take 44.03% versus six-month average of 34.2%
- directs took 3.7% versus six-month average of 18.2%
- Indirects took 52.3% versus six-month average of 48.1%
The auction was not all that hot but then again the risk off fear is less today and yields are still near all-time low levels. It's hard to sell 3 year debt at 0.5% give or take.
Although yields and 10 and 30 year notes trade to record low levels, the 3 year treasury yield auction yield results did reached down to 0.334% area back in 2011 through 2013.
