The US treasury will auction off $46 billion of 5 year notes at the top of the hour. The current 5 yield is trading near 2.86%.

The 6 month averages of the major components from past auctions shows:

  • Bid to cover 2.44X
  • Tail, 0.4 basis points
  • Dealers, 17.7%
  • Directs, 19.0%
  • Indirect, 63.4%