U.S. sells 7-yr debt at record low; Treasurys up

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U.S. sells 7-yr debt at record low; Treasurys up
NEW YORK (MarketWatch) -- The Treasury Department sold $29 billion in 7-year notes Thursday at a record low yield of 1.58%. Investors offered to 2.76 times the amount of debt sold, compared to an average of 2.78 times at the last four monthly sales. Indirect bidders, a group that includes foreign central banks, purchased 51.7%, the most since January and compared to 39.6% on average. Direct bidders, a group which includes domestic money managers, bought another 7.9%, versus an average of 0.5%. After the last of three auctions this week, the broader bond market held onto the bulk of its gains. Yields on 10-year notes declined 7 basis points to 2.23%.