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Preview $53B 7Y Note Auction

US TSYS/SUPPLY

Tsy $53B 7Y-Note auction (91282CDW8) at the top of the hour, WI currently running around 1.757%, 27.7bp cheap to last month's high yield.

  • December auction recap: Tsy futures extended session lows after final coupon sale of 2021 traded weak: $56B 7Y note auction (91282CDP3): 1.480% high yield vs. 1.457% WI; 2.21x bid-to-cover lowest since Feb'21 (five auction avg: 2.30x).
  • Indirect take-up 59.25% vs. Nov's 59.29%
  • Primary dealer take-up: climbs to 21.29% vs. 17.43% last month;
  • Direct take-up: slips to 19.45% vs. 23.28%

Timing: The 7Y note results will available shortly after the competitive auctions closes at 1300ET.

MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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