US treasury sales three-year note at 1.861%
WI at 1.867% at auction time
- High yield of 1.861% versus WI at 1.867%
- Bid to cover 2.62x versus 2.48x last.
- Dealers take 30%
- Directs accepted 13.4% versus 20.0% last
- Indirects accepted 56.6% versus 37.9% last
Overall a very good auction.
- The high yield was lower than the WI by 0.6 bps
- The bid to cover at 2.62x was higher than the 6 month average of 2.52x
- Dealers took less at 30% vs six-month average of 39.1%. So the auction was distributed