7-year note auction goes pretty well

Somewhat surprisingly, the auction of $28 billion 7-year Treasury Notes went pretty well. The notes were sold at a yield of 3.092%, compared with pre-auction talk of 3.124%. Some 61.2% of the notes went to indirect bidders, while the bid-to-cover ratio came in at 2.74. That compares with 62.5% and 2.63 at the last sale of 7s in July.