US sells 3 year note at 2.559% vs WI at 2.555%

Small tail to the upside.

The US has sold $38B of 3 year notes at 2.559%. That is a little higher than the 2.555% that the WI was trading at just prior to the auction

• Bid to cover comes in at 2.44x which is on the low side. Previous option 2.59x
• 17.7% to direct bidders
• 41.9% to indirect bidders
• 40.4% to primary dealers

The Bid to Cover was the lowest since April 2009.

The yield was the lowest since April

Overall, not the best. I would give it a grade of D+.