US treasury auctions of $70 billion of 7 year note at a high yield of 3.710%

• High-yield 3.71%
• WI level at the time of the auction 3.709%
• Tail 0.1 basis points versus 6 month average of 0.2 basis points
• Bid to cover 2.34X versus 6 month average of 2.36X
• Directs 28.6% vs 6 month average of 22.1%
• Indirects 59.4% vs 6 month average of 66 19%
• Dealers 11.9% versus 6 month average of 10.9%

Action Grade:C