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Review: 7Y Auction Tails

US TSYS/SUPPLY

The $62B 7Y note (91282CCR0) auction: 1.03bp tail with high yield of 1.050% vs. 1.037% WI. Tsys inching lower

  • Bid-to-cover: 2.23x vs. 2.27x 5 month avg,
  • Indirect take-up: 58.37 vs. 59.97 in June, still well over the 5 month average of 55.19%. Primary dealer take-up 22.18% vs. 18.69% last month remains below 25.06% 5 month avg. Direct take-up slips to 19.45 vs. 19.53% 5M avg.
  • The next 7Y auction is tentatively scheduled for August 26

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