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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