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U.S. Treasury sells $58 billion of 3-year notes at 4.474% yield

The auction cleared with a bid-to-cover of 2.72, and direct domestic buyers took 26.9% of the offering.

Reported · Written up by our desk · Government Bonds

Forexlive reports the U.S. Treasury conducted the first coupon auction of the week for 3-year notes, raising $58 billion.

The notes were sold at a high yield of 4.474%, while the When-Issued level at the time of the sale was about 4.75%, resulting in a roughly -0.1 basis point tale.

Demand was described as average, with bid-to-cover coming in at 2.72 versus an average of 2.62.

Domestic investors (directs) were allocated 26.9% of the notes, compared with a 20.4% average.

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