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Treasury Sells A Record $44BN In 3Y Notes To Solid Buyside Demand

Courtesy of ZeroHedge View original post here.

After last month's 3Y Treasury auction priced at an all time low yield, moments ago today's sale of three-year paper stopped at 0.280%, higher than last month's all time low of 0.23%, and stopping 0.3bps through the When Issued 0.283%. And while the yield ticked up modestly, so did the auction size, which rose from $42BN last month to a new all time high of $44BN, as the Treasury rushes to fund the trillions in fiscal deficits that the US will incur in the coming years.

Despite the record auction size, demand was solid: bid to cover was virtually unchanged from last month at 2.55, and above the six auction average of 2.43; total bids were $112.6BN, sharply higher than the $101.6BN in bids tendered for the previous 6 auctions.

The internals were also impressive, with Indirects taking down 53.3%, down slightly from 54.4% last month but also above the 6-auction average of 50.4. Directs rose again, taking down 14.5%, the highest since February's 18.1% (above the average of 13.2), leaving Dealers 32.2% of the auction (slightly below the 36.3% average), which they will seek to promptly sell back to the Fed.

Overall, a solid auction, even if this was largely to be expected as the near-end now trades as if Yield Curve Control has already been launched.


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