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Review $38B 7Y Auction Finally Stops Through

US TSYS/SUPPLY

Tsys hold range after $38B 7Y note auction (91282CFC0) stops 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: climbs to 70.93% vs. 61.86% in June
    • Direct take-up: recedes to 18.44% vs. 20.41% prior
    • Primary dealer take-up: falls to 10.63% vs. last month's 17.73%
  • The next 7Y auction is tentatively scheduled for August 25.

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