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Treasury Sells 7Y Paper In Another Mediocre, Tailing Auction; Bond Market Yawns

The first hint we had coming into today's auction that it would be weaker than some recent issuance for this maturity, was thanks to the repo rate for 7Y paper, which earlier this morning was quoted at 0.6%, suggesting that unlike this week's 2 and 5Y paper, there would be few shorts looking to cover into the 1pm deadline. And sure enough, when the results for the sale of $28bn in 7 paper printed, the result was a modest tail, with a high yield of 1.
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