US treasury auctions of $35 billion of 7 year notes at a high yield of 4.062%


  • WI level at the time of the auction came in at 4.047%
Greg Michalowski

The US treasury auctioned off $35 million of 7 your notes:

Auction Grade: C-

The tail came in 1.5 basis points above the WI level. That was well above the -0.2 basis point average. The bid to cover was lower than the average. The directs (a measure of domestic demand) was above the average, but international demand was below average.

The dealers were saddled with a bit more than the average.

It is below average and close to a D-. The saving grace was that domestic demand was higher, but international players stayed on the sidelines instead.

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