Headline Alert
Bond Update: Treasury’s 3-Year Note Auction
The Treasury’s auction of $40 billion in 3-yr Notes yielded a rate of 1.223% with 50.40% allotted at the high
The bid-to-cover ratio was 2.98, which was above the 2.75 average of the past 10 auctions
Indirect participation (Institutions and foreign banks) was 60.9%; well above the average of the past 10 auctions of 49.3%.
All in all; a solid result.
Note that the 1 month T-Bill auction done earlier this morning was completed with an effective yield of 0.0% with the second highest bid-to-cover ratio ever.
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