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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPreview $62B 7Y Note Auction
Final leg of week's note supply: latest 7Y note (91282CCH2) auction is the sixth consecutive offering at $62B, up from $59B in December.
- May's 7Y auction performed well: trading 0.7bp over 1.292% WI (1.157% 5-month avg). The 7Y yield currently running around 1.262% vs. last month's auction high yield of 1.285%.
- Bid-to-covers have averaged around 2.26x over the last 5 months, with May and April at 2.41x and 2.31x respectively.
- Indirect take-up of 59.57% exceeded the 5 month average of 55.19% -- still low due to poor Feb auction take-up of 39.80%. Otherwise indirects have averaged in the mid- to upper 50%s last 3 auctions. Primary dealer take-up declined to 19.73% last month vs. 25.33% 5M avg, while direct take-up climbed to 20.70% vs. 20.59% in April (compares to 19.53% 5M avg).
- The next 7Y auction is tentatively scheduled for July 29.
- Timing: The 7Y note results will be available shortly after the competitive auctions closes at 1300ET
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.