Make Kitco Your Homepage

Strong demand at $38 bln auction of U.S. 3-year Treasury notes

Kitco News

NEW YORK, June 11 (Reuters) - The U.S. Treasury’s auction of $38 billion worth of new three-year notes was met with strong demand on Tuesday, as indirect bidders took the largest portion of the offering since December 2017.

The bid-to-cover ratio for Tuesday’s offering, an indication of overall demand, was 2.62 - the highest since September 2018. Indirect bidders, a proxy for foreign buyers, took 56.6% of the supply, while direct bidders took 13.37% and primary dealers took 30.02%.

The three-year note yield dipped immediately following the auction as prices rose, retracing its rise earlier on Tuesday. It was last up 0.8 basis point at 1.879%. (Reporting by Kate Duguid, editing by G Crosse)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.