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Review $35B 7Y Auction: Another Tail

US TSYS/SUPPLY

Tsys pare gains after $35B 7Y note auction (91282CGB1) tail: 3.921% high yield vs. 3.907% WI; 2.45x bid-to-cover vs. 2.33x last month.

  • Indirect take-up climbs to 68.08% vs. 61.89% prior; Direct take-up: 16.17% vs. 16.57% prior; Primary dealer take-up falls to 15.75% vs. 21.35% prior auction.
  • The next 7Y auction is tentatively scheduled for January 26.

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