US sells USD 58bln of 3-year notes; Tail 0.6bps
- Tail: 0.6bps (prev. -1.2bps, six-auction average -0.4bps); WI 3.959%
- High Yield: 3.965% (prev. 3.897%, six-auction average 3.633%)
- B/C: 2.54x (prev. 2.68x, six-auction average 2.67x)
- Dealer: 16.9% (prev. 13.3%, six-auction average 12.7%)
- Direct: 20.14% (prev. 11.9%, six-auction average 23.4%)
- Indirect: 62.96% (prev. 74.8%, six-auction average 63.9%)
Context
The recent auction of 3-year U.S. notes saw a slightly positive tail of 0.6bps, indicating a marginal increase in demand from the previous auction. However, the bid-to-cover ratio declined, suggesting a weaker overall interest compared to both the prior auction and historical averages. This could signal a shift in market appetite for duration and may impact yield expectations and risk sentiment across fixed income and related asset classes.
Trade the TapeGet this analysis live, the moment it breaksNewsquawk's real-time dashboard delivers market-moving headlines and instant context to your desk before the rest of the market reacts.
Open Dashboard#UNITED STATES#USD#EUR#JAPAN#JPY#UNITED KINGDOM#GBP#EUROPE#IMPORTANT#FOREX#FIXED INCOME#METALS#EU SESSION#US SESSION#YIELD#METALS & MINING#DXY