WI was trading at 2.444%. Bid to cover 2.56X
The US auctioned off US$38 billion of three-year notes at 2.448%. The WI just prior to the auction was trading at 2.444%.
- The bid to cover came in at 2.56 versus 2.55 last. That is in line with the six-month average
- Directs came in at 9.4% versus 18.5% last. That is the lowest supply since November
- indirects came in at 43.9% versus 44.3% last
- primary dealers take 41.06% . That's the largest share since November
