Tsys futures trade weaker after the $35B 7Y note auction (91282CGS4) tails 1.1bp: 3.626% high yield vs. 3.615% WI; 2.39x bid-to-cover vs. 2.49x last month.

Indirect take-up slips to 63.24% vs. 65.50% prior; Direct take-up: 21.73% vs. 20.80% prior; Primary dealer take-up to 15.40% vs. 13.71% prior auction.
The next 7Y auction is tentatively scheduled for April 27.

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Tsys futures trade weaker after the $35B 7Y note auction (91282CGS4) tails 1.1bp: 3.626% high yield vs. 3.615% WI; 2.39x bid-to-cover vs. 2.49x last month.

Indirect take-up slips to 63.24% vs. 65.50% prior; Direct take-up: 21.73% vs. 20.80% prior; Primary dealer take-up to 15.40% vs. 13.71% prior auction.
The next 7Y auction is tentatively scheduled for April 27.

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Review $35B 7Y Auction: 1.1Bp Tail