US treasury auctions off $35 billion 7-year notes at a high yield of 3.839% | Forexlive

• High-yield 3.839%
• Tail -1.1 basis points versus six-auction average of 0.3bps.
• Bid-to-Cover 2.65 X versus six-auction average of 2.51x.
• Dealers 8.14% versus six-auction average of 12.7%.
• Directs 16.55% versus six-auction average of 18.9%.
• Indirects 75.31% versus six-auction average of 68.4%.

Auction grade: A

If there is a negative it is only the domestic demand was less than the average over the last 6 months. However, they were strongly outbid by the international demand. Dealers were left with much less than the 6 month average.

The Tail was negative vs an average which has been positive. The bid to cover was strong as well.

No complaints from this auction.