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Preview 7Y Note Auction

US TSYS/SUPPLY

Tsy $37B 7Y-Note auction (91282CHZ7) is at the top of the hour, WI currently running around 4.667%, 45.5bp cheap to last month's stop:

  • August auction recap: Tsys futures extended session highs after the $36B 7Y note auction (91282CHW4) traded through: 4.212% high yield vs. 4.232% WI; 2.66x bid-to-cover vs. 2.48x in the prior month.
  • Indirect take-up 75.25% vs. 69.75% prior; Direct take-up: 14.97% vs. 15.91% prior; Primary dealer take-up to 9.77% vs. 14.34% prior auction.
  • Timing: The 7Y note results will available shortly after the competitive auction closes at 1300ET.

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