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Review: Decent 7Y Auction

US TSYS/SUPPLY

The $62B 7Y note (91282CCH2) auction trades through with high yield of 1.264% vs. 1.267% WI. Tsys holding off session highs so far -- little reaction

  • Bid-to-cover: 2.36x vs. 2.26x 5 month avg,
  • Indirect take-up of 59.97 well over the 5 month average of 55.19% but well shy of Jan's 64.09%. Primary dealer take-up 18.69% well below 25.23% 5 month avg (compares to February's >1Y high of 39.80%.) Direct take-up climbs to 21.34 vs. 19.53% 5M avg.
  • The next 7Y auction is tentatively scheduled for July 29.

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