The USA Treasury issued 44 billion USD in 7-year Treasury bonds, marking the last interest-bearing bond issuance of the year with a winning yield of 4.532%. At the cutoff time for bids at 1 PM New York time, the pre-issue trading level was 4.553%. However, the winning yield still reached the highest level for 7-year Bonds issuance since May. Overall demand Indicators were strong, pushing yields to reverse gains and settle close to the previous trading day's level. Primary dealers received an allocation of 9.27%, lower than the previous auction; the allocation to indirect bidders increased to a record high of 87.9%, while the allocation to direct bidders fell to 2.85%, one of the lowest in history. The bid-to-cover ratio was 2.76 times, compared to an average of 2.63 times for the previous six auctions of the same duration.