The bid yield for the 3-year U.S. Treasury note is 3.579%, lower than the trading level before issuance.

The US Treasury Department issued $58 billion in 3-year Treasury bonds with a bid-to-cover ratio of 3.579% at the auction deadline at 1pm New York time, the pre-auction trading levels were at 3.589%, indicating higher demand than expected. The market's reaction to the auction performance was limited, with short-term bond yields increasing by about 2 basis points during the day, and the 2-year/10-year bond spread narrowing by over 1 basis point. Primary dealers received 9.7% of the allocation, lower than the previous auction, while direct bidders received an increased allocation of 27.3% and indirect bidders received 63%. The bid-to-cover ratio was 2.85 times, compared to an average of 2.59 times in the previous six auctions.