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

  • WI level at the time of the auction 3.709%
Bonds
  • 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

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