The U.S. Treasury will auction off $35 billion of 7 your notes at the top of the hour. The six-month averages of the major components of that auction shows :
- Tail six-auction average of 0.3bps.
- Bid-to-Cover six-auction average of 2.51x.
- Dealers six-auction average of 12.7%.
- Directs six-auction average of 18.9%.
- Indirects six-auction average of 68.4%.
The last auction was at a high yield of 3.827% with a tail of -0.8 basis points and a bid to cover of 2.61X.
The international indirect bids were higher than the six-month average at 72.3% versus 68.4%.
The domestic bid was less than the six-month average at 17.3% versus 18.9%.