US sells $28B 7 year notes at a year of 2.130%. Good auction.

Bid to cover comes in at 2.7x vs 2.46x at the last auction.

The US sold $28B 7 year notes at a high yield rate of 2.13%. That was better than WI rate just before the auction at around 2.14%.

• The yield is the highest since March.
• The last auction was down at 1.94%
• The higher yield attracted more buyers. The bid to cover at 2.7x was the highest since April
• US awards 19.0% to direct bidders
• 70.6% of notes went to indirect bidders
• 10.4% of the notes to primary dealers

Overall, a strong auction.