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SMRA's John Canavan said today's.........>

US TSYS/3Y
US TSYS/3Y: SMRA's John Canavan said today's 3-year note auction "went poorly"
as "the 1.433% stopout rate represented a good-sized tail to the 1.428% 1:00
p.m. bid side, and the 2.70 bid/cover was light the smallest since April. The
bid/cover had averaged 2.82 over the prior six months. There was also a large
decline in the Indirect takedown, although the Direct bidder takedown was good."
- He added that "there was a large decline in foreign demand at the August
2-year note auction, and we expect that might have played a role today as well.
We'll know better when Treasury releases the allotment details on the 22nd. The
buyside (Indirect and Direct) bidders took down a combined 56.6% of the auction
today, which is the smallest combined buyside takedown since last December. That
is after a 74.2% combined buyside takedown last month, which was the second
largest on record."

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