Bid to cover 2.49 times

The US treasury auctioned off 29 billion of seven-year notes at a high yield of 2.839%. This was the highest level since March 2011. The bid to cover was less than the 2.73 times at the last auction. The low bid to cover in 2017 was 2.36 times. The high was 2.73 times.

  • 15.6% of seven-year notes to direct bidders
  • 22.1% of seven-year notes to primary dealers
  • 62.2% of seven-year notes to indirect bidders
  • Allotted at the high 94.15%
  • Direct bidders largest share of seven-year note supply since September
  • Yield was the highest since March 2011

The yield after the auction is trading at 2.845-2.835

Another so-so auction.