After two ugly auctions, at 1pm ET the Treasury concluded the week's coupon issuance with the sale of $38BN in 7 year paper in what was actually a rather recent auction. The high yield of 4.908% was above last month's 4.673% and was the highest on record, but more importantly it stopped through the When Issued 4.910% by 0.2bps, a reversal of last month's modest 0.3bps tail. The bid to cover of 2.704 was a solid improvement to last month's 2.465 and was the highest going back to the March 2020 bond market rollercoaster. The internals were also solid with Indirects awarded 70.6%, just above the recent average of 70.4%, ... (full story)