Tailing 7Y Auction Sees Lukewarm Foreign Demand, Jump In Direct Buyers

Tailing 7Y Auction Sees Lukewarm Foreign Demand, Jump In Direct Buyers The week's final coupon auction per the truncated pre-FOMC schedule has come and gone, and like yesterday's 2Y and 5Y, was also mediocre at best. The sale of $44BN in 7Y paper stopped at a high yield of 4.175%, down from 4.255% in March; and like the week's previous auctions, the 7Y also tailed the 4.170% When Issued by 0.5bps, which makes it 4 auctions that have not stopped through in a row. The bid to cover...