7yr Auction Today

$28 Bil in 7yr paper going off today. Should be interesting considering yesterday's weak 5yr auction where non-primary dealer tenders were less than half the total accepted bids. In other words, without the primary dealers taking $24 Bil the auction would have failed.

If this continues look for pressure on the market as PD's have to find ways to get rid of this supply... 10yr futures hovering about 20 tics above yesterday's lows.

check here a little after 1:00 est to see the results

UPDATE:
3.287% median yield \ 3.369% high yield
$10 Bil to PD's, $17.5 Bil to Indirect Bidders
Total Bid-to-Cover of 2.63....still not enough tendered from non-PD's to cover the auction