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Late SOFR/Eurodollar/Treasury Option Roundup


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Preview 7Y Note Auction


Tsy $37B 7Y-Note auction (91282CFJ5) at the top of the hour, WI currently running around 3.162%, 43.2bp cheap to last month's stop.

  • June auction recap: Tsys held range after $38B 7Y note auction (91282CFC0) stopped through (after three consecutive tails): 2.730% high yield vs. 2.735% WI; 2.60x bid-to-cover vs. 2.48x last month.
    • Indirect take-up: climbed to 70.93% vs. 61.86% in June
    • Direct take-up: receded to 18.44% vs. 20.41% prior
    • Primary dealer take-up: fell to 10.63% vs. last month's 17.73%
  • Timing: The 7Y note results will available shortly after the competitive auctions closes at 1300ET.

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