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FTN Financial's Jim vogel said on $28B...>

US TSYS/7Y
US TSYS/7Y: FTN Financial's Jim vogel said on $28B 7Y note auction that "vs. the
WI mkt bid of 2.274% at the deadline, 7s awarded at 2.280% with moderate
metrics. Usually, the 7-yr is one of the better auctions after a selloff, but
today's stats are on the sub-par (but not disastrous) side. WI bid 30 mins
before the sale, btw, was 2.279%."
- He added that "dealers own 23.2%, one of the 'higher' totals this year.
Indirects fell to 63.4% versus a more typical range in the low 70s. Bid/cover of
2.39x reflected mkt volatility described below. It was the worst since Feb
2016."

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