US sells USD 58bln of 3-year notes at a high yield of 3.518%, stops through 0.1bps

• High Yield: 3.518% (prev. 3.609%, six-auction avg. 3.589%): WI 3.519%
• Tail: -0.1bps (prev. -0.1bps, six-auction avg. -0.5bps)
• Bid-to-Cover: 2.62x (prev. 2.65x, six-auction avg. 2.68x)
• Dealers: 10.94% (prev. 14.0%, six-auction avg. 11.6%)
• Directs: 31.92% (prev. 29.5%, six-auction avg. 24.7%)
• Indirects: 57.15% (prev. 56.5%, six-auction avg. 63.7%)

The U.S. Treasury's sale of $58 billion in 3-year notes at a yield of 3.518%, slightly lower than recent averages, indicates a stable demand despite the slight uptick in yield compared to the previous auction. The bid-to-cover ratio remains healthy, though lower than average, suggesting continued interest from investors, particularly indirect bidders. Overall, this outcome may reduce upward pressure on short-term rates, benefiting market sentiment and affecting the curve dynamics.