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CORRECTS 7Y Auction ​Review: Dealer/Direct Take-Up

US TSYS/SUPPLY

Bonds bounce off lows after strong $42B 7Y note auction (91282CES6) stops through: 2.777% high yield vs. 2.802% WI; 2.69x bid-to-cover vs. 2.41x last month.

    • Indirect take-up: climbs to 77.86% vs. 64.95% in April
    • Primary dealer take-up: falls to new low of 6.38% vs. 15.22% prior;
    • Direct take-up: slip to 15.76% vs. 19.82%
  • The next 7Y auction is tentatively scheduled for June 28.

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