The U.S. Treasury will auction off $43 billion a five year notes at the top of the hour. The six with averages of the major components shows:

  • Tail 0.4 basis points.
  • Bid to cover 2.39X.
  • Directs (a measure of domestic demand) 17.8%.
  • Indirect (a measure of international demand) 64.3%
  • Dealers (they take the rest) 17.9%

The last auction came in at 3.973% with a +0.4 basis point tail