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US TSYS/SUPPLY: 7Y Auction Review: Tsys Bounce After Strong 7Y Sale

US TSYS/SUPPLY
  • Tsys futures gap off lows (TYH5 currently 108-17.5 last, -0.5) after the $44B 7Y note auction (91282CMC2) stops 2.2bp through with 4.532% high yield vs. WI of 4.554%; bid-to-cover 2.76x vs. 2.71x prior.
  • Peripheral stats: Indirect take-up climbs to 87.88% vs. 64.08% last month; Direct take-up falls to record low of 2.84% vs. 25.94% prior, Dealers taking 9.27% vs. 9.99% prior.

 

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  • Tsys futures gap off lows (TYH5 currently 108-17.5 last, -0.5) after the $44B 7Y note auction (91282CMC2) stops 2.2bp through with 4.532% high yield vs. WI of 4.554%; bid-to-cover 2.76x vs. 2.71x prior.
  • Peripheral stats: Indirect take-up climbs to 87.88% vs. 64.08% last month; Direct take-up falls to record low of 2.84% vs. 25.94% prior, Dealers taking 9.27% vs. 9.99% prior.