WI was trading at 0.196%
The US treasury auctioned off $56 billion of 3 year notes at a high yield of 0.196%
- bid to cover 2.39x vs. six-month average of 2.4x
- Dealers 31.2% vs. 35.6% average
- Directs take 16% vs. six-month average of 13.8%
- Indirects take 52.7% vs. six-month average of 50.2%
There was no tail. The bid to cover came in a touch lighter than the average. The dealers were saddled with less than average.
The yield is lower than last month auction at 0.234% as the yield curve has steepening with the shorter end moving lower and the longer end moving higher over that period. The treasury will auction off 10 and 30 year issues tomorrow and Thursday.
Overall a solid B grade for the auction.
