US treasury to auction off $56 billion of three year notes at the top of the hour

Six month averages of key components of the three year auction

At the top of the hour, the U.S. Treasury will auction off $56 billion of three year notes. It is first of 3 key auctions which includes $39 billion of new 10 year notes auctioned on Tuesday and $25 billion of new 30 year bonds to be auctioned on Wednesday.

The six month averages for key components of the three year auction shows:

• Bid to cover, 2.44X
• Directs (a measure of domestic demand), 18.5%
• Indirects (a measure of international demand) 52.2%
• Dealers (they take the leftover), 29.3%.