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Treasury Auction Perfectly Average

By Tony Crescenzi

 About this article:
 The Treasury's $26 billion auction of seven-year notes was not as good as yesterday's five-year or Tuesday's two-year auctions, but was average for a seven-year auction. The bid/cover ratio was 2.26, which is just a tad below normal. The auction yield was 3.30%, about 1 basis point more than expected and indicating a lack of aggressiveness among bidders, which is not all that surprising in light of the recent thumping Treasuries have seen. The seven-year was trading at 3.275% at the auction deadline, which means it tailed 2.5 basis points, a bit more than normal but fine in the context of the selloff. The percentage of the auction that went to indirect bidders was 33%, which is about normal and indicates the issue is in fairly good hands (end users). Know What You Own: A number of bond-related ETFs might be of interest to readers...

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