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Preview $62B 7Y Note Auction

US TSYS/SUPPLY

Final leg of week's note supply at 1300ET: $62B 7Y note (91282CCR0) auction. Current WI running appr 23bp richer than last month's high yield.

Given the 7Y has averaged a 1.1bp tail over the last five auctions, June performed quite well with high yield of 1.264% vs. 1.267% WI, while Tsys showed little reaction -- off session highs on narrow range at the time. June 24 review:

  • June's Bid-to-cover: 2.36x vs. 2.26x 5 month avg,
  • Indirect take-up of 59.97 was well over the 5M average of 55.19% but well shy of Jan's 64.09%. Primary dealer take-up of 18.69% well below 25.23% 5M avg (compares to Feb's >1Y high of 39.80%.), while direct take-up climbed to 21.34 vs. 19.53% 5M avg.

The next 7Y auction is tentatively scheduled for August 26

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