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US TSYS/SUPPLY: 7Y Auction Preview

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America
  • Tsy $44B 7Y-Note auction (91282CMC2) is at the top of the hour, WI currently running around 4.544%, 36.1bp cheap to last month's stop.
  • November auction recap: Treasuries rallied after the strong 7Y auction, with yields 1.5-2.5bp lower since the bidding deadline as 5s-10s push towards yield lows for the session and 30s are through them. The directs stepped strongly higher, just as was the case in the prior 5Y in signs of domestic bidding demand vs foreign bidding pulling back.
  • November's $44B 7Y note auction (91282CLM1) stopped through with 4.183% high yield vs. WI of 4.197%; bid-to-cover slipped to at 2.71x vs. 2.74x prior (highest since Mar 2020).
  • Indirect take-up receded to 64.08% vs. 71.96% prior; Direct take-up climbed to 25.94% vs. 20.57% prior, while Dealers took 9.99% vs. 7.47% prior.
  • Timing: The 7Y note results will available shortly after the competitive auction closes at 1300ET.
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  • Tsy $44B 7Y-Note auction (91282CMC2) is at the top of the hour, WI currently running around 4.544%, 36.1bp cheap to last month's stop.
  • November auction recap: Treasuries rallied after the strong 7Y auction, with yields 1.5-2.5bp lower since the bidding deadline as 5s-10s push towards yield lows for the session and 30s are through them. The directs stepped strongly higher, just as was the case in the prior 5Y in signs of domestic bidding demand vs foreign bidding pulling back.
  • November's $44B 7Y note auction (91282CLM1) stopped through with 4.183% high yield vs. WI of 4.197%; bid-to-cover slipped to at 2.71x vs. 2.74x prior (highest since Mar 2020).
  • Indirect take-up receded to 64.08% vs. 71.96% prior; Direct take-up climbed to 25.94% vs. 20.57% prior, while Dealers took 9.99% vs. 7.47% prior.
  • Timing: The 7Y note results will available shortly after the competitive auction closes at 1300ET.