7-Year Auction Awarded at 2.426% Tailing with Decent, But Sub-Par, Results

The Treasury auctioned $32 billion 7-year notes, with the results decent but below average and expectations for a strong showing. The note stopped at 2.426%, tailing from the 2.421% when-issued reported at the deadline as buyers required a higher yield versus 2.281% at the March 28 sale. The sale caps a week stuffed with $322 billion in bill and note auctions.

Bidders put up $2.49 for each $1 on offer (lowest since December’s $2.46) versus $2.54 previously and a $2.53 average.

Indirect bidders, the proxy for official foreign interests, got 60.4% below March’s 64.5% and the 62.0% average. Direct bidding came in at 19.1%, in line with the prior 20.7% and better than the 17.0% average. Primary dealers, those banks required to bid at auction, were left with 20.6% (highest since Oct. 2018, according to Zerohedge) from 14.8% previously (the lowest since Jan. 2018) and matching the 20.6% average.

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