The US treasury will auction off $16 B of 20 year bonds at the top of the hour.
The six month averages of the major auction components shows:
- bid to cover 2.48X
- Directs (a measure of domestic demand) 20.6%
- Indirects (a measure of international demand) 63.1%
- Dealers (they take the balance) 16.3%
The last auction came in at a high yield of 2.651% with a tail of -1.4 basis points. The six month average of tails is at 0.5 basis points.
