• 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.