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Preview $62B 7Y Note Auction

US TSYS/SUPPLY

Final leg of early week's note supply, latest 7Y note (91282CBZ3) auction is the fourth consecutive offering at $62B, up from $59B in December.

  • Notably, while 7Y auction performance has averaged a -1.2bp tail over the last five months, 7Y yield currently running around 1.27% vs. last month's auction high yield of 1.30% that tailed vs. 1.277% WI.
  • Bid-to-covers have averaged around 2.25x over the last 5 months, with March at 2.23x and a low of 2.04x in February.
  • Indirect take-up was 57.21% in March, near the 5 month average of 57.02%, well off 64.09% in January. Primary dealers took down 24.70% last month vs. February's high of 39.80%. Direct take-up dipped to 17.99% last month after surging to 22.13% in February.
  • The next 7Y auction is tentatively scheduled for May 27.
  • Timing: The 7Y note results will be available shortly after the competitive auctions closes at 1300ET
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