Auction History: US to sell USD 58bln of 3-year notes at 18:00GMT/13:00EST

• High Yield: (prev. 3.609%, six-auction avg. 3.589%) 
• Tail: (prev. -0.1bps, six-auction avg. -0.5bps) 
• Bid-to-Cover: (prev. 2.65x, six-auction avg. 2.68x) 
• Dealers: (prev. 14.0%, six-auction avg. 11.6%) 
• Directs: (prev. 29.5%, six-auction avg. 24.7%) 
• Indirects: (prev. 56.5%, six-auction avg. 63.7%)

The upcoming auction of USD 58 billion in 3-year notes is showing some signs of strength, with a high yield slightly above previous auctions but a solid bid-to-cover ratio indicating reasonable demand. However, the decrease in indirect bidders suggests a potential divergence in interest levels, which may impact the yield trajectory going forward and could influence overall market sentiment.