Via CRT Capital:
** A solid takedown with a through-stop of 0.3 bp and non-dealer bidding at 58.8% vs. 61% norm ***
* 3-year auction stops at 0.895% vs. a 0.898% 1-pm bid WI.
* Dealers were awarded 41.1% vs. 39% average of the last four 3-year auctions.
* Indirects get 47.7% vs. 51% norm.
* Directs take 11.1% vs. 10% average.
* Bid/Cover was 3.14 vs. 3.27 average of last four.
* Dealer Hit-Ratio: Dealers take 17.4% of what they bid for vs. 16% norm.
* Indirect Hit-Ratio: Customers take 96% of what they bid for vs. 90% norm.
* Treasuries were trading slightly higher into the auction, building in no meaningful outright concession for 3s. Since the results, Treasuries have held the price action.
* Volumes in the sector ahead of the auction were below average for a 3-year auction day in cash-terms at 67% of norms and with a below average 15% marketshare vs. 16% norms. Overall, Treasuries have had a below-average volume day at 72% of the 10-day moving average. 5s were the most active issue taking a 31% marketshare while 10s were second at 28%. 2s managed 12% while 7s got just 8%.