{"id":429319,"date":"2026-04-08T00:01:31","date_gmt":"2026-04-07T17:01:31","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/04\/u-s-treasury-to-auction-58-billion-of-3-year-notes-at-the-top-of-the-hour\/"},"modified":"2026-04-08T00:01:31","modified_gmt":"2026-04-07T17:01:31","slug":"u-s-treasury-to-auction-58-billion-of-3-year-notes-at-the-top-of-the-hour","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/u-s-treasury-to-auction-58-billion-of-3-year-notes-at-the-top-of-the-hour-429319\/","title":{"rendered":"U.S. Treasury to auction $58 billion of 3 year notes at the top of the hour"},"content":{"rendered":"<div>\n<p>The U.S. Treasury will auction off $58 billion of 3 year notes at the top of the hour. The auction results will compared to the 6 auction average for the major components.  Below are the last values at the last 3 year note auction followed by the 6 auction average.<\/p>\n<ul>\n<li data-section-id=\"qkwrqm\" data-start=\"0\" data-end=\"50\">High Yield: 3.579% (6-auction avg. 3.579%)\n<\/li>\n<li data-section-id=\"18qktib\" data-start=\"51\" data-end=\"98\">Tail: 1.1 bps (6-auction avg. -0.3 bps)\n<\/li>\n<li data-section-id=\"l6eo78\" data-start=\"99\" data-end=\"149\">Bid-to-Cover: 2.55x (6-auction avg. 2.66x)\n<\/li>\n<li data-section-id=\"pb89x4\" data-start=\"150\" data-end=\"195\">Dealers: 19.5% (6-auction avg. 12.3%)\n<\/li>\n<li data-section-id=\"rfz9c9\" data-start=\"196\" data-end=\"241\">Directs: 20.7% (6-auction avg. 25.8%)\n<\/li>\n<li data-section-id=\"1exlr3i\" data-start=\"242\" data-end=\"287\" data-is-last-node=\"\">Indirects: 59.8% (6-auction avg. 61.9%)<\/li>\n<\/ul>\n<p>What do each of these components represent<\/p>\n<ul data-start=\"98\" data-end=\"1179\">\n<li data-section-id=\"1fencmi\" data-start=\"98\" data-end=\"336\">Tail: The difference between the auction yield and the when-issued (WI) yield just before the auction<br \/>\n\u2192 Positive tail: weaker demand (investors demanded a higher yield)<br \/>\n\u2192 Negative tail (stop-through): strong demand\n<\/li>\n<li data-section-id=\"1ofnpf2\" data-start=\"338\" data-end=\"498\">Bid-to-Cover: Total bids divided by the amount sold<br \/>\n\u2192 Higher ratio: stronger overall demand and competition<br \/>\n\u2192 Lower ratio: softer demand\n<\/li>\n<li data-section-id=\"z4t3ij\" data-start=\"500\" data-end=\"736\">Dealers (Primary Dealers): Banks obligated to bid and take down supply if others don\u2019t<br \/>\n\u2192 Higher dealer share: weaker demand from real investors (dealers had to absorb more)<br \/>\n\u2192 Lower dealer share: healthier auction\n<\/li>\n<li data-section-id=\"w5zcp2\" data-start=\"738\" data-end=\"948\">Directs: Domestic buyers placing bids directly (e.g., mutual funds, pensions, hedge funds)<br \/>\n\u2192 Higher directs: solid domestic real-money demand<br \/>\n\u2192 Lower directs: less domestic participation\n<\/li>\n<li data-section-id=\"1pw9ysq\" data-start=\"950\" data-end=\"1179\">Indirects: Typically foreign buyers (central banks, sovereign funds, global investors)<br \/>\n\u2192 Higher indirects: strong foreign demand (generally bullish for Treasuries)<br \/>\n\u2192 Lower indirects: weaker global appetite\n<\/li>\n<\/ul>\n<p data-start=\"1181\" data-end=\"1199\">Bottom line:<\/p>\n<ul data-start=\"1200\" data-end=\"1408\" data-is-last-node=\"\" data-is-only-node=\"\">\n<li data-section-id=\"bm7p6k\" data-start=\"1200\" data-end=\"1310\">Strong auction: Stop-through\/low tail + high bid-to-cover + low dealer take + strong directs\/indirects\n<\/li>\n<li data-section-id=\"1mlafch\" data-start=\"1311\" data-end=\"1408\" data-is-last-node=\"\">Weak auction: Positive tail + low bid-to-cover + high dealer share + weak indirect demand**<\/li>\n<\/ul>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Treasury will auction off $58 billion of 3 year notes at the top of the hour. The auction results will compared to the 6 auction average for the major components.&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-429319","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/429319","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=429319"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/429319\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=429319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=429319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=429319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}