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UST Auction: 7Y high yield 4.399%, WI 4.378%, tails 2.1bps, biggest tail since Nov 2022
7Y high yield 4.399%, WI 4.378%, tails 2.1bps, biggest tail since Nov 2022
— zerohedge (@zerohedge) November 28, 2023
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Buyer strike: Dealer award (mandatory bid) doubles from 10.98% to 20.29%, highest since Nov 2022 https://t.co/SmlMAxeojA
— zerohedge (@zerohedge) November 28, 2023
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Treasury’s $39 billion auction of 7-year notes was poorly received, trader says
Tuesday afternoon’s sale of 7-year Treasury notes was met with poor to lukewarm demand. The $39 billion auction was a “fairly ugly auction based on where things were at 1 p.m. Eastern time,” with primary dealers taking a larger-than-usual chunk of the allocation, according to Tom di Galoma, co-head of global rates trading for BTIG in New York. Most Treasury yields remained broadly lower immediately after the auction results came in, led by a decline in the 2-year rate. The sale followed Monday’s relatively soft $54 billion sale of 2-year notes and a solid $55 billion sale of 5-year maturities.