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Investing

Strong 7-Year Treasury Auction of $29 Billion

Photo of Jon C. Ogg
By Jon C. Ogg Published

The government is in debt up to its eyeballs, but there is currently an insatiable appetite for U.S. Treasury debt.  At least that was the case in today’s 7-year Treasury auction.  The 19.3% direct bids looks to be a record for a 7-year auction. 

Interest Rate 1-3/8%; High Yield was 1.418% and results allotted at the high was 31.54%

The price was $99.714418 for $29 billion face value in bonds.

CNBC’s Rick Santelli called it an “11” on a scale of “1 to 10″…

This had little or no impact on stocks so far today, but this was an impressive debt auction when you consider just how much debt there is in Treasury securities.

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Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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