US sells $32bn 7-year notes to average demand

NEW YORK: The US Treasury Department on Wednesday sold $32 billion in seven-year government notes to average demand, with primary dealers taking the largest percentage of the offering since October 2018.

Treasury data showed the bid-to-cover ratio was 2.49, slightly below the 12-month auction average. Direct bidders took 19.05pc of the offering, the lowest percentage this year, with indirect bidders taking 60.36pc and primary dealers taking 20.59.