The U.S. Treasury sold $58 billion in 3-year notes at a yield of 3.614%, 0.8 basis points lower than the pre-issue trading level at the bidding deadline.
Key auction details:
- The awarded yield of 3.614% compares to the prior six-auction average of 3.695%.
- The bid-to-cover ratio was 2.64x, slightly above the six-auction average of 2.63x.
- Primary dealers were awarded 9% of the issue, below their six-auction average of 13.1%.
- Direct bidders received 19%, lower than their six-auction average of 24.5%.
- Indirect bidders took 72.0%, significantly higher than their six-auction average of 62.5%.
The settlement date is December 15, 2025, with a maturity date of December 15, 2028.
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