Bessent and the Treasury had a good issuance week

The just seen good 7 yr note auction caps a good week for Scott Bessent and the US Treasury in his issuance of 2s, 5s and today’s 7 yr. The yield of 4.194% was about 1 bp below the when issued pricing. The bid to cover of 2.64 was a touch above the one year average of 2.61. And, direct and indirect buyers took 91% of the auction, near the recent highs.