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Trading  | June 28, 2017

After a strong 2Y auction on Monday, a poor 5Y issuance on Tuesday, today the Treasury concluded this week’s bond issuance with the sale of $28 billion in 7Y paper in a mediocre auction, which probably could have been even worse had it not been for Draghi’s “clarification”.

The high yield of 2.056% tailed the 2.053% When Issued by 0.3bps, and stopped out at the the lowest yield going back all the way to October’s 1.653%. It was the second consecutive tailing auction, and 3rd of the last 5.

The internals was similarly mediocre, with the bid-to-cover 2.46 down from 2.54 yesterday, and down vs the six previous auction average 2.55. It was the lowest BTC since January.

Nonetheless, buyside demand was solid, with indirect bidders awarded 65.4%, up from 61.24%, but slightly less than the six previous auction average 69.1%. Direct bidders awarded 9.4%, nearly half the 17.2% in may, and below the 12.0% 6 month average. Finally, dealers were left with 25.2% vs six previous auction average 18.9%.

Overall, a forgettable week for bond issuance with little to write home about, but certainly good enough thanks mostly to foreign central banks who continue to step up and buy US paper.

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