-
US 7-Year Notes: 1.300%; 40.90% At High
-
*TREASURY'S $62B 7-YEAR NOTE AUCTION RESULTS: DRAWS 1.300%, BID-TO-COVER RATIO: 2.23 V 2.04 PRIOR; Indirect bidders take 57.3% of competitive bids, with 40.9% allotted at the high
— TradeTheNews.com (@Trade_The_News) March 25, 2021
(More at https://t.co/JVnjSvNovj)
-
US 7-Year Note Sale:
— LiveSquawk (@LiveSquawk) March 25, 2021
- High Yield Rate: 1.300% (prev 1.195%)
- Bid-Cover Ratio: 2.23 (prev 2.04)
- Direct Accepted: 18.0% (prev 22.1%)
- Indirect Accepted: 57.27% (prev 38.1%)
- WI: 1.275%
-
Another Ugly, Tailing 7Y Treasury Auction Spikes Yields
It wasn't nearly last month's catastrophic 7Y auction but it wasn't all that much better either. Moments ago the Treasury sold $62BN in a closely watched 7Y auction (previewed here), which matched the record size for the tenor. And while sentiment was far more positive heading into the 1pm deadline, traders were surprised to learn that the high yield on the auction was a rather dismal 1.30%, which tailed the When Issued 1.275% by a sizable 2.5bps and was the highest yield since Jan 2020. Besides the unexpectedly large tail, the metrics were also ugly, if not nearly as bad as last month, with the bit to cover ... (full story)