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7 Year Auction Prices “On The Screws” As Yield Dips For Second Month

Courtesy of ZeroHedge. View original post here.

Concluding the week’s trio of coupon auctions, moments ago the Treasury sold $30 billion in 7 Year paper at a yield of 2.809%, “on the screws” with the When Issued, and just like this week’s prior 2 and 5-Year auction, a decline from last month’s 2.93%. This was the second consecutive “belly” auction that has seen the high yield decline after hitting a cycle high of 2.952% in April.

The internals were average, with Indirects dropping from 65.5% last month to 60.6%, below the 64.7% 6 month average; at the same time Directs increased from 12.9% to 15.2% while Dealers were left with 24.1%.

Overall, a stable auction, if like the prior two, in no way remarkable while confirming that demand for paper remains relatively solid in the primary market, if a little weaker among foreign buyers.


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