{"id":428283,"date":"2026-03-11T00:25:10","date_gmt":"2026-03-10T17:25:10","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/03\/the-u-s-treasury-sold-58-billion-of-3-year-notes-at-a-high-yield-of-3-579\/"},"modified":"2026-03-11T00:25:10","modified_gmt":"2026-03-10T17:25:10","slug":"the-u-s-treasury-sold-58-billion-of-3-year-notes-at-a-high-yield-of-3-579","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/03\/the-u-s-treasury-sold-58-billion-of-3-year-notes-at-a-high-yield-of-3-579\/","title":{"rendered":"The U.S. Treasury sold $58 billion of 3 year notes at a high yield of 3.579%"},"content":{"rendered":"<div>\n<ul>\n<li data-section-id=\"13ilsxf\" data-start=\"0\" data-end=\"47\">\n<p data-start=\"2\" data-end=\"47\">High Yield: 3.579% vs 6-month avg. 3.563%<\/p>\n<\/li>\n<li data-section-id=\"13ilsxf\" data-start=\"0\" data-end=\"47\">\n<p data-start=\"2\" data-end=\"47\">WI level at the time of the auction 3.568%<\/p>\n<\/li>\n<li data-section-id=\"1trx9r0\" data-start=\"48\" data-end=\"91\">\n<p data-start=\"50\" data-end=\"91\">Tail 1.1 bps vs 6 month average of -0.6 bps<\/p>\n<\/li>\n<li data-section-id=\"1eyqja2\" data-start=\"92\" data-end=\"140\">\n<p data-start=\"94\" data-end=\"140\">Bid-to-Cover 2.55X  vs 6 month average of  2.69x<\/p>\n<\/li>\n<li data-section-id=\"1joab4v\" data-start=\"141\" data-end=\"184\">\n<p data-start=\"143\" data-end=\"184\">Dealers 19.5% vs 6 month average of 10.5%<\/p>\n<\/li>\n<li data-section-id=\"1nnqrux\" data-start=\"185\" data-end=\"228\">\n<p data-start=\"187\" data-end=\"228\">Directs 20.7% versus 6 month average of 25.3%<\/p>\n<\/li>\n<li data-section-id=\"m0k7fv\" data-start=\"229\" data-end=\"272\" data-is-last-node=\"\">\n<p data-start=\"231\" data-end=\"272\" data-is-last-node=\"\">Indirects: 59.8% versus 6 month average of 64.3%<\/p>\n<\/li>\n<\/ul>\n<p>AUCTION GRADE: D<\/p>\n<p>Not a good auction as the dealers were saddled with 19.5% while above the 10.5% 6 month average. The tail was 1.1 basis points which was also well above the -0.6 basis point average. Both domestic and international demand was well below the averages. The only reason it indicated a grade of F, is the auction did not fail. That is, there was enough bidders to buy it. However, for a 3 year note auction, the demand was tepid at best.<\/p>\n<p>The treasury will auction off $39 billion of 9 year and 11 month notes tomorrow and $22 billion of 29 year and 11 month bonds on Thursday.  Both will be reopening&#8217;s of last months issue. <\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High Yield: 3.579% vs 6-month avg. 3.563% WI level at the time of the auction 3.568% Tail 1.1 bps vs 6 month average of -0.6 bps Bid-to-Cover 2.55X vs 6 month average&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-428283","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/428283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=428283"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/428283\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=428283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=428283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=428283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}