- Prior was 4.398%
- Bid to cover 2.75 vs 2.90 prior
The notes were trading at 4.650% in then 'when issued' market ahead of the sale.
"It was a very slow start to the trading week with volumes low in Treasuries with 3-year yields effectively unchanged going into the auction. Since the result, we've seen a kneejerk bear flattening response," writes BMO after the sale.
This move is positive for USD/JPY, at the margins.