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