Record-Large 7Y Auction Met With Solid Demand, Stops Through After two average auctions earlier this week, moments ago the Treasury concluded the week's coupon issuance with the sale of another record-sized batch of 7Y notes. The auction was solid, if once again, nothing to write home about. The $62 billion auction, $3 billion larger than December's and the biggest on record... ... stopped at a high yield of 0.754% , which was higher than last month's 0.662% but stopped through the When Issued 0.758% by 0.4bps even though yields sold off for much of the day. The bid to cover of 2.305 was just below than last month's 2.315 and below the 6 auction average of 2.38. The internals were a little bit better, with Indirects taking down 64.1%, an improvement to last month's 60.3% and above the 63.6% average, while Directs took down 16.28% also stronger than the six-auction average, leaving Dealers with 19.6% or just below the 20.4% avg. Besides that, nothing to note, with the pricing leading to no reaction in the second market. And so, another week of record Treasury auctions concludes without incident despite the ever increasing size of every auction and hitting never before seen levels to keep the US government funded. Tyler Durden Thu, 01/28/2021 - 13:17