US 7-year note auction tails 0.7bp as indirect demand falls to 57.2%

The US Treasury's $44bn 7-year note auction stopped at a 5.085% high yield, 0.7bp above the when-issued level — the biggest tail since March — with bid-to-cover of 2.42. Indirect bidders took 57.2%, the lowest share since September 2025, while primary dealers took 12.5%.

Detected & updated continuously · Source: Nebula