Bid to cover 2.74 vs 2.78 last
The US sold 3 year notes at a yield of 1.63%. The WI was trading at 1.624% just before the bidding deadline.
The bid to cover was the lowest since December.
Overall, given the higher yield you might have expected more demand. That was not really the case as the Bid to cover was not so great. The low Bid to cover over the last year was 2.65. The high was 2.98. At 2.74 is is closer the low than the high.