The
$29B sale of 7-year notes drew solid demand despite thinner trade ahead of
Thanksgiving. The new notes were sold at yield of 2.013%, lower than 2.025%
traded before the auction, as demand outpaced dealers' expectations. It is the
highest auctioned yield for the maturity since July, which attracted buyers who
got more attractive yields than similar-maturity government debt in Europe and
Japan. The indirect bidding was 55.9%, near the average of 56.2% for the past
four sales. Direct bidding was 13.5% vs the average of 12.3% for the past four
auctions. The auction results gave the bond market a small boost. The yield on
the 10-year note was 2.234% vs 2.243% Tuesday. (min.zeng@wsj.com; @minzengwsj)
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