US sells $38 billion of three-year notes
- High-yield 1.857%
- WI at auction 1.858
- Bid to cover 2.39X vs 2.52x average
- Dealers: 33.6% vs 38.0% average
- Directs: 17.9% vs 16.3% average
- Indirects 48.5% vs 45.7% average
Yield was nearly spot on the WI level (-0.1 bp tail).
The bid to cover was lighta at 2.39x vs 2.52 average
Dealers took less than the average
Indirects showed good foreign demand.
Overall, a B- grade.
