Results released by the United States Department of the Treasury on Tuesday showed that the three-year note auction worth $58 billion drew in moderate demand, with the high yield coming in at 3.669%.
The bid-to-cover ratio amounted to 2.53, up from July's 2.51 but lower compared to the ratio for the ten previous US three-year note auctions, which stands at 2.61. Investor bidding totaled $146.3 billion for the available $58 billion in securities. Primary dealers made up $10.3 billion of accepted bids, or roughly 18%. Meanwhile, the investors who aren't required to bid, including direct and indirect bidders, accounted for $47.5 billion of accepted bids or around 82%.
Following the announcement, the return on the three-year Treasury note rose by 3.1 basis points to 3.679%.
