US treasury sells $69 billion dollars of three or noted a high yield of 4.179%

• High yield 4.179%
• WI level at the time of the auction 4.185%
• Tail versus -0.6 bps average of 0.1 basis points
• Bid to cover 2.60X versus average of 2.61X
• Directs 24.8% versus average of 22.5%
• Indirects 67.5% versus average of 62.5%
• Dealers 7.74% versus average of 15.0%

Auction Grade A

About the only thing marginally disappointing is the Bid to cover was equal to the average over the last 6 auctions.

Other than that the tail was negative by -0.6 bps, the domestic (direct) and international (indirect) demand was above the average leaving only 7.74% for the dealers to distribute.

Solid demand.

This article was written by Greg Michalowski at investinglive.com.