July 9, 2013 / 5:21 PM / 4 years ago

TREASURIES-Prices firm after 'good' 3-year note auction

NEW YORK, July 9 (Reuters) - U.S. Treasuries prices firmed Tuesday afternoon after the Treasury's three-year auction met a favorable reception.

The benchmark 10-year Treasury note, down 1/32 before the sale, was up 1/32 afterwards. The 30-year Treasury bond erased a quarter of its loss.

The ratio of bids received for the auction to those accepted was 3.35, higher than the average 3.27 bid-cover ratio for the last four three-year note auctions.

Treasuries built in a "modest outright concession" before the 1 p.m. (1700 GMT) bidding deadline, "plus 3s were the underperformer on the curve," noted CRT Capital Group government bond strategist Ian Lyngen. "Since the (auction) results, Treasuries have bounced slightly."

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