Three-Year Treasury Auction Draws Tepid Demand
Investors bid $58 billion for three-year notes, with a 2.53 bid-to-cover ratio versus a six-month average of 2.64. The Treasury sold the notes at a 4.627% yield, higher than last month’s 4.9% yield.
Investors show lukewarm demand for three-year Treasury notes in a $58 billion auction. The bid-to-cover ratio comes at 2.53, below the six-month average of 2.64. The Treasury ends up paying 4.627% yield, which is lower than the 4.9% it paid last month, but higher than the when-issued yield of 4.622…