U.S. sells 7-yr debt at 1.203%; bonds stay down

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U.S. sells 7-yr debt at 1.203%; bonds stay down
from MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) -- The Treasury Department sold $29 billion in 7-year notes on Thursday at a record-low yield of 1.203%. Bidders offered to buy 2.8 times the amount of debt sold, compared to an average of 2.85 times at the last four auctions of the securities, according to CRT Capital Group. Indirect bidders, a group including foreign central banks, bought 42.7%, compared with 38.7% on average. Direct bidders, a class which includes domestic money managers, purchased another 15.7%, versus an average of 15.5%. After the auction - the last of the week -- the broader bond market remained under pressure. Yields on 10-year notes , which move inversely to prices, stayed up 3 basis points to 1.77%.