Seven Year Result

May 29th, 2014 1:27 pm | by John Jansen |

Via CRT Capital

7 stop at 2.01% vs. 2.006% 1PM Bid, so small tail
— 73.86% alloted at high vs 60.25% norm
— cover comes to 2.6, right on 2.55 average
— directs take 24.1% vs. 21.5% average
— indirects take 40.4% vs. 42.3% average
— as an aside, decent non comps at 37.89 bn vs. 18.7 bn average  — 2nd highest since March ’10
— indirects get 92% of what they bid for vs. 88% norm, directs get 82% of what they bid for vs 60% norm…suggest relatively aggressive bidding.  Dealers got 19% of what they bid for vs 21% average.
** It was an okay 7-yr with the stop basically on the screws and bidding more/less average though with a marginally firmer effort to ensure non dealers got what they bid for (we measure this through better hit ratios and bigger non comps).  But really it was ham-on-rye.  The issue is trading close the 1PM bid and the market is very mid range for the day.

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