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Preview $40B 7Y Note Auction

US TSYS/SUPPLY

Tsy $40B 7Y-Note auction (91282CEV9) at the top of the hour, WI currently running around 3.252%, 47.5bp cheap to last month's high yield.

  • May auction recap: Bonds bounced off lows after strong $42B 7Y note auction (91282CES6) stopped 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
    • Direct take-up: slip to 15.76% vs. 19.82%
    • Primary dealer take-up: falls to new low of 6.38% vs. 15.22% prior.
  • Timing: The 7Y note results will available shortly after the competitive auctions closes at 1300ET.
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Tsy $40B 7Y-Note auction (91282CEV9) at the top of the hour, WI currently running around 3.252%, 47.5bp cheap to last month's high yield.

  • May auction recap: Bonds bounced off lows after strong $42B 7Y note auction (91282CES6) stopped 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
    • Direct take-up: slip to 15.76% vs. 19.82%
    • Primary dealer take-up: falls to new low of 6.38% vs. 15.22% prior.
  • Timing: The 7Y note results will available shortly after the competitive auctions closes at 1300ET.