Results of the 7-year sale
- Lowest yield on 7s since Oct
- They were trading at 2.105% on the bid side before the sale
- Bid-to-cover 2.73 vs 2.56 prior -- strongest since Nov 2012
Very strong auction. USD/JPY wobbled lower on the results and the dollar is feeling some broader (albeit minor) pressure.
Indirects at 81.7% are the highest on record and compare to 71.1% prior.
Who is buying all those bonds?
