The US treasury auctioned off $36B of 7 year notes. Below are the details of the auction:

Mixed auction, but better than the 2 and 5 year auctions.


  • A negative tail of -0.5 basis points which is better than the 0.0BP average over the last 6 months
  • The domestic direct demand was strong at 24.7%. US investors are being attracted by the higher yields


  • international demand was less than the 6 month average
  • the dealers took a little more than the six-month average


  • the bid to cover was near the six-month average