3Y Auction Prices At Highest Yield Since May 2007 As Foreign Buyers Slide

While unlike back in March, when the US Treasury had a record amount of Bills, Notes and Bonds for sale, the selling calendar has not been quite as busy, there is still a deluge of paper for sale over the next few days, and following the earlier 4-Week Bill auction, moments ago the US Treasury sold $31BN in 3Y Notes (more than the $30BN sold last month), the largest 3Y auction since August 2013, at a yield of 2.

664%, the highest since May 2007 (when 3Y issuance was briefly suspended until Nov. 2008), for the second month in a row just barely tailing the When Issued by 0.1bps.