Treasury $32B 7-Year Auction Closes at 2.835% Yield

• The Treasury sold a record $32B in seven-year notes on Wednesday at a yield of 2.835%
• Bid To Cover ratio 2.76 times the amount of debt sold
• Indirects bought 62.5% vs. Avg. 62.4%
• Alloted at High 87.98%
• The broader T-market lifted after the auction, sending yields lower. Benchmark 10-T notes were trading 1/32 lower in price to yield 3.31%, the 30-year T-bond was 16/32 lower to yield 4.28% from 4.25 %, while 2-year notes fell 1 bpt to 0.73%, according to Reuters data.

Table: TD