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Review 7Y Note Auction, Small Tail

US TSYS/SUPPLY
  • Tsys futures rebound (TYH4 taps 111-08) after the $41B 7Y note auction (91282CJX0) tailed slightly: 4.109% high yield vs. 4.107% WI; 2.57x bid-to-cover vs. 2.50x last month.
  • Indirect take-up climbs to 69.06% vs. 63.71% prior; Direct take-up slips to 17.00% vs. 19.37% prior, Dealers take 13.94%.
  • Next 7Y auction schedule for February 27.

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