US treasury to sell $38 billion of 7 year notes at the top of the hour

The US treasury will auction off $38 billion of 7 year notes at the top of the hour.

The 6 month averages of the major components shows:

• bid to cover 2.42x
• directs (a measure of domestic demand) 22.6%
• Indirects (a measure of international demand), 62.9%
• Dealers (they take the rest), 14.6%.
• Tail, +0.3 basis points