No Treasuries Left for Wall Street Dealers Amid Blowout Auctions
- Primary dealer award lowest on record at two sales this week
- Traders cite liquidity concerns, overseas investor demand
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After two notes sales this week left primary dealers with the fewest Treasuries on record, investors will get another chance to load up on U.S. government debt Thursday as seven-year securities are auctioned.
The Treasury is scheduled to sell $28 billion of seven-year notes, the last of three fixed-rate auctions this week totaling $88 billion. A gauge of demand at a $34 billion sale of five-year securities Wednesday climbed to the highest since 2014 as Wall Street dealers were awarded the lowest percentage for this maturity in data going back to 2003. A $26 billion two-year sale Tuesday also left dealers with the lowest award on record.