Investing.com -- The U.S. government sold $49 billion of seven-year notes on Thursday at a higher-than-expected yield amid cooling demand.
The notes were awarded at 3.770%, above the pre-sale, or when-issue, rate of 3.761%, representing a tail of 0.9 basis points. That was, however, well below the 4.162% high seen in the prior auction.
The bid to cover ratio, a measure of demand, for the auction fell to 2.50 from 2.64 seen in the prior auction.
Dealers represented 54.24% of the bids, with direct bidders at 10.02% and indirect bidders at 35.75%.
Dealers made up 54.2% of the bids, with direct bidders at 10% and indirect bidders at 35.8%.
The yield on 7-Year rose 3 basis points to 3.764%.
The prior two auctions for the 2-year and 5-year Treasury seen this week resulted in a stop through and a small tail, respectively.