April 25, 2024 17:06 GMT
Review 7Y Note Auction: On the Screws
US TSYS/SUPPLY
- Little reaction in Tsys futures (TYM4 107-13.5 last) after the $44B 7Y note auction (91282CKN0) in line with WI of 4.716%; bid-to-cover slips to the lowest since November at 2.48x vs. 2.61x last month.
- Indirect take-up the lowest since December at 65.11% vs. 69.73% last month; Direct take-up climbs to the highest since April '23 at 20.99% vs. 17.41% prior, Dealers take 13.90% vs. 12.86%.
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