The U.S. Treasury will auction off $20 billion a 20 year bonds at the top of the hour.

The last auction high yield came in at 1.942%. The six month averages 1.97%. The current yield is 2.219%.

The six month major components showed:

  • bid to cover, 2.39X
  • Directs (domestic demand), 18.8%
  • Indirects (international demand), 62.8%
  • Dealers, 18.4%

The average tail has been 1.2 basis points. Last month the auction was sloppy with a 2.3 basis point tail.