U.S. Treasury to auction off $38 billion of 10 year notes at the top of the hour

The recent historical averages for the 10 year note auctions

At the top of the hour, the U.S. Treasury will auction off $38 billion of 10 year notes. The recent six month historical averages for the major components of the 10 year auctions shows:

• Bid to cover, 2.47x
• Directs, 16.2%
• Indirects, 64.2%
• Dealers, 18.9%

The last auction high yield came in at 1.34% with a stop through yield of -3.1 basis points (it was a A+ auction with stellar demand from overseas investors (77.2%) with dealer participation only at 9.6%.