The Treasury Department announced the sale of $40 billion in 3-year notes on Tuesday at a yield of 1.437 percent. The sale is the first of three major note and bond auctions schedules for this week.
More than 3.13 times the amount of debt being sold was bid on as compared with the four sales prior which held at a flat 3.01.
Indirect bidders bought less than normal, purchasing 51.8 percent on a previous average of 54.1 percent. The number of domestic bidders, which are comprised partly of domestic money managers, has been on the rise of late. Following the auction the market, particularly the treausry maintained higher levels.
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