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Strong Demand For 7 Year Auction Concludes Week Of Record Treasury Issuance
After two monster auctions earlier this week, when demand for both the 2 and 5 Year auctions was off the chart, moments ago the Treasury sold another record-sized auction when it placed $47 billion in 7 year paper, up $3 billion from last month, and which like the last two was met with impressive demand. chart Thanks to the concession following today's selloff across the curve, the high yield in today's auction once again stopped through the When Issued, pricing at 0.519%, 0.8bps through the WI. The Bid to Cover, unlike the week's prior auctions, was strong but not remarkably so, and at 2.472 was just above last ... (full story)