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Preview $62B 7Y Note Auction

US TSYS/SUPPLY

Final leg of week's note supply: $62B 7Y note (91282CCV1) auction at 1300ET.

Current WI at 1.142%, appr 9bp cheaper than July's awarded high yield. Tsys inched lower after last month's 7Y Note tailed 1.03bp with high yield of 1.050% vs. 1.037% WI. July auction details:

  • Bid-to-cover: 2.23x vs. 2.31x five month avg.
  • Indirect take-up: 58.37 vs. 59.97 in June, helped push the 5 month average to 58.45%. Primary dealer take-up 22.18% vs. 18.69% in June (21.53% 5 month avg). Direct take-up at 19.45 vs. 20.02% 5M avg.

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