Bid to cover ratio 2.55x vs. 2.36x at previous auction
The U.S. Treasury has sold 28 billion of seven-year notes at a high yield of 2.37%. They forwarded 57.43% of the bids at the high yield.
- The bid to cover ratio came in at 2.55 versus 2.36 at the last auction. The high for 2017 was 2.73. The low was last months 2.36.
- Awarded 26.4% of notes to primary dealers
- Awarded 13.1% to direct bidders
- Awarded 60.5% to indirect bidders
- the yield was the highest since December 2013
Overall, better demand at the higher yield, but I would call it a middle of the pack auction.
