U.S. 3-Year Treasury Note Auction Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The May 11 auction of $58 billion in 3-year Treasury notes yielded a soft result characterized by a significant pricing concession. The issue cleared at a high yield of 3.965%, producing a notable 4.8 basis point tail relative to the median yield. This spread indicates a lack of aggressive bidding and suggests that the Treasury had to offer a yield premium to achieve full subscription. Demand was further tempered by a bid-to-cover ratio of 2.24x, a figure that tracks significantly below the historical averages for this maturity.

In terms of participation, indirect bidders accounted for 62.95% of the competitive award, demonstrating steady but insufficient international support to prevent the yield drift. Direct bidders took 20.14%, while primary dealers were required to absorb 16.91% of the offering.



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