A post by @FirstSquawk on X.
THE U.S. 3-YEAR NOTE SALE DREW A HIGH YIELD OF 4.627%, DOWN FROM 4.932% PREVIOUSLY AND ABOVE THE WHEN-ISSUED LEVEL OF 4.622%, WITH A BID-TO-COVER RATIO OF 2.53, DOWN FROM 2.62
@FirstSquawk on X
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The U.S. Treasury's auction of 3-year notes cleared at a high yield of 4.627%, down from 4.932% at the prior sale but slightly above the 4.622% when-issued level. Demand softened, with the bid-to-cover ratio falling to 2.53 from 2.62, while the share of direct bidders accepted rose to 35.0% from 31.7% and indirect accepted dropped to 55.5% from 57.6%. The modest tail and lower cover signal somewhat weaker dealer and foreign demand for the front-end coupon supply. The results matter as a gauge of investor appetite for duration ahead of upcoming longer-dated auctions and incoming inflation data.
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Named in this story
3-year note, U.S. Treasury