Bid to cover at 2.46x vs 2.54x at the previous auction

The US treasury sold $28B of 7 year notes at 1.941%. That was less than basis point below its 1PM WI yield (around 1.95%).

  • 83.43% was awarded at the high yield
  • Primary dealers take 14.61%. Direct 16.59% and indirect at 68.8%
  • US awarded most 7 year note supply since April
  • Yield is below 2% for the 1st time since October

Another good auction.