The U.S. Treasury sold $44 billion of 7 year note set a high yield of
WI level at the time of the auction 4.512%.Tail 0.0 bps vs average of 0.2 basis points.Bid to cover 2.50X versus 6 month average of 2.49XDirects 27.0% vs average of 23.1%. Indirects 60.8% vs. average of 65.1%Dealers 12.3 vs average of 11.8%
Auction Grade: C
No tail. Bid to cover near the average. The domestic buyers were more aggressive vs the international buyers. The Dealers own slightly higher than the average. Overall a C grade with a tilt to a bit lower but not by much.
This article was written by Greg Michalowski at investinglive.com.