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Tuesday’s $48 billion sale of 3-year Treasury notes, described by strategists as the largest auction size for this tenor since March 2022, was met with solid demand. In-direct and direct bidders took up the majority of the sale, while primary dealers took about 16.3% of the notes, according to Tom di Galoma, co-head of global rates trading for BTIG in New York. Tuesday’s sale, the first since Treasury’s auction schedule was released last week, is set to be followed by a $40 billion auction of 10-year notes on Wednesday and a $24 billion sale of 30-year bonds on Thursday.
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