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Review 3Y Note Auction: Decent Sale

US TSYS/SUPPLY

Treasury futures hold near session highs (TYZ4 115-11.5, +10) after $58B 3Y note auction (91282CLL3) trades 1.6bp through: 3.444% high yield vs. 3.456% WI; 2.66x bid-to-cover vs. 2.55x prior.

  • Indirect take-up climbs to 78.24% vs. 64.39% prior; direct bidder take-up falls to 11.30% vs. 20.25% prior; primary dealer take-up 10.45% vs. 15.35% prior.
  • The next 3Y auction is tentatively scheduled for October 11.

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