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NEW YORK, June 12 The U.S. Treasury Department
on Monday sold $24 billion in three-year government debt to the
strongest bidding in about 1-1/2 years, Treasury data showed.
The three-year note auction was first of three coupon debt
auctions this week.
The Treasury will sell $20 billion in 10-year notes at 1
p.m. (1700 GMT) and $12 billion in 30-year bonds
The ratio of bids to the amount of three-year notes offered
was 3.00, the highest since December 2015 when it
was 3.14. This measure of overall auction demand was 2.76 at the
previous three-year note auction in May.
The yield of the latest three-year Treasury issue was 1.500
percent, the lowest in four monthly auctions.
The robust bidding stemmed from heavy demand from indirect
bidders which include domestic fund managers and foreign central
banks, analysts said.
The Treasury Department awarded this group of bidders 65.62
percent of the three-year supply, which was their biggest share
since November 2009.
"The strength of the indirect bid typically reflects the
strength of investment fund demand, but given the size of the
bid this month we expect it was a combination of investment fund
and foreign demand," Stone & McCarthy Research Associates'
market strategist John Canavan wrote in a comment on the
(Reporting by Richard Leong; Editing by Chizu Nomiyama and