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Review 7Y Note Auction: Small Stop

US TSYS/SUPPLY
  • Tsys futures rebound from recent lows, TYH4 109-21.5 last, after decent $42B 7Y note auction (91282CKC4) stops slightly: 4.327% high yield vs. 4.330% WI; 2.58x bid-to-cover vs. 2.57x last month.
  • Indirect take-up climbs to 69.57% vs. 69.06% prior; Direct take-up 14.38% vs. 17.00% prior, Dealers take 15.06% vs. 13.94%.
  • Next 7Y auction schedule for March 27.

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