US sells 24B 3-year notes at high yield of 1.452%

Bid to cover at 2.65 vs 2.69 previously. Lowest since April 2009

• Sale was lless than one basis point above its 11:30 AM ET WI level
• Primary dealers accepted bids 24.28% of amount tendered. Directs take 52.64% of bid amount, and directs 86.9%
• Primary dealers take a 48.5% of US three-year note sale. Directs 9% and indirect 42.6%

The auction came in pretty much as expected but the bid to cover was light.

At 1 PM the US Treasury will reopen and auctino 20B of 10 year notes. THe current 10 year note is trading at 2.4895%. - up 2.4 basis points on the day. The high yield extended to a high of 2.5262%. earlier. That was the highest yield going back to October 2014.