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Review: 7Y Auction Tails 5Bp

US TSYS/SUPPLY

Tsys trade lower after $62B 7Y note (91282CCV1) auction tailed 5bp: 1.155% high yield vs. 1.150% WI.

  • Bid-to-cover: 2.34x vs. 2.31x five month avg,
  • Indirect take-up climbs to 61.07 vs. 58.37 in July (58.45% 5M avg). Primary dealer take-up 20.08% vs. 22.18% in July (21.53% 5M avg). Direct take-up at 18.86 vs. 20.02% 5M avg.
  • The next 7Y auction is tentatively scheduled for September 28

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