The US treasury sells $44 billion of 7 year notes at a high yield of 3.781%

• High yield 3.781%
• WI level at the time of the auction 3.775%
• Tail 0.6 basis points versus 6 month average of -0.6 basis points
• Bid to cover 2.46X vs 6 month average of 2.56X
• Dealers 9.44% versus 6 month average of 9.2%
• Directs 30.27% versus 6 month average of 23.5%
• Indirects 56.65% versus 6 month average of 67.2%

AUCTION GRADE: C-/D+

Below average auction with low international demand. Domestic demand was fairly strong but came at a high yield above the WI level at the time of the auction.

This article was written by Greg Michalowski at investinglive.com.