US sells USD 58bln of 3-year notes; tails 1.1bps
- High Yield: 3.579% (prev. 3.518%, six-auction avg. 3.563%); WI: 3.568%.
- Tail: 1.1bps (prev. -0.1bps, six-auction avg. -0.6bps)
- Bid-to-Cover: 2.55x (prev. 2.62x, six-auction avg. 2.69x)
- Dealers: 19.5% (prev. 10.9%, six-auction avg. 10.5%)
- Directs: 20.7% (prev. 31.9%, six-auction avg. 25.3%)
- Indirects: 59.8% (prev. 57.1%, six-auction avg. 64.3%)
Context
The recent auction of $58 billion in 3-year notes saw a tail of 1.1 basis points, indicating weaker demand compared to previous auctions. With a bid-to-cover ratio declining from the recent average, this suggests a potential softening in investor appetite, which may influence yields and impact broader fixed income sentiment as market participants assess the implications for future rate paths.
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