Treasury Seven-Year Note Sale Rated ‘3’ by Four Primary Dealers

The Treasury Department’s $29 billion sale of seven-year notes was rated a ‘3’ by four of the Federal Reserve’s 22 primary dealers.

The characterization is based on a scale of one through five, with one being a failed auction and five judging the results as outstanding. Two would denote a poor auction, three an average sale and four would indicate a good offering, according to a Bloomberg News survey of the banks and brokerage firms obligated to bid on Treasury offerings.

The securities yielded 1.960 percent, compared with an average forecast of 1.946 percent in a survey of seven primary dealers.

The bid-to-cover ratio, which gauges demand by comparing the amount bid with the amount offered, was 2.63, compared with an average of 2.57 at the past 10 sales.

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