If one had to pick a carbon copy replica of yesterday's 5 Year tailing auction, today's 7 Year probably ranks toward the top. Just like yesterday, the auction priced with a tail to the 2.009% WI, coming in 0.9 bps wider at 2.018%. Just like yesterday, the high yield was a steep drop from the September auction, sliding from 2.24 to just over 2%, and just like yesterday the Bid to Cover slid alongside the yield, with the 2.415 BTC printing at the lowest level since November 2013. Finally, and just like yesterday, the internals demonstrated the same trend with Directs taking down 15.42%, less than the 23.11% TTM average, Indirects ended up with 46.6% or more than the recent average, and dealers left holding 38.0%: right on top of where it has been in the past year. In fact, the only difference from yesterday is that there is no FOMC announcement in less than an hour.
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