U.S. Treasury to auction off $44 billion of 7 year notes at the top of the hour

The U.S. Treasury will auction off $44 billion a seven year notes at the top of the hour. The six month averages of the major components shows:

• bid to cover, 2.34X
• Directs (a measure of domestic demand) 22.9%
• Indirects (a measure of international demand) 61.6%
• Dealers (they take the rest) 15.4%

The last auction came in at a high yield of 2.499% with a tail of 1.3 basis points . The six month average of tales are 0.4 basis points.