Treasury 3-Year Auction Rated ‘4’ by Five Primary Dealers

The Treasury Department’s $27 billion sale of three-year notes was rated a “4” by five of the Federal Reserve’s 22 primary dealers.

The characterization is based on a scale of one through five, with one being a failed auction and five judging the results as outstanding. Two would denote a poor auction, three an average sale and four would indicate a good offering, according to a Bloomberg News survey of the banks and brokerage firms obligated to bid on Treasury offerings.

Before it's here, it's on the Bloomberg Terminal.