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7Y Auction Preview

  • $36B of 7Y supply comes at the top of the hour, with yields currently -9.6bps after the rally on softer than expected labor data. WI yield currently 4.225%.
  • The prior five auctions have seen an average 0.4bp tail (most recently with a 1.5bp tail) whilst the bid-to-cover has averaged 2.51 (most recently 2.48).
  • Five auction averages: Primary dealer take 12.62%, indirect 68.94%, direct 18.44%. Primary dealer of note after some volatility, with the bounce to 14.34% in July coming after a particularly low 8.14% in June.

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