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7Y Auction ​Review:

US TSYS/SUPPLY

Long-end Tsys inching off session lows, two-way trade on modest reaction to $50B 7Y note auction (91282CEB3) stop: 1.915% high yield vs. 1.905% WI; 2.36x bid-to-cover steady vs. last month.

  • Indirect take-up climbs to 63.85% vs. 62.65% in Jan
  • Primary dealer take-up: falls to 12.32% vs. 14.49% last month;
  • Direct take-up: climbs to 23.82% vs. 22.86%
The next 7Y auction is tentatively scheduled for March 29.

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