The US treasury will auction off $45 billion of 3 year notes today at 1 PM ET. They will continue the auction process tomorrow with the $36 billion of 10 year notes and conclude on Thursday with $22 billion of 30 year bonds.
The 6 month averages of the major components of the 3 or auction show:
- Bid to cover, 2.43X
- Directs (a measure of domestic demand), 16.5%
- Indirects (a measure of international demand), 58.1%
- Dealers, 25.4%
The last auction had a high yield of 2.738% with a tail average of 0.2 basis points over the last 6 months.
Yields today are lower in the US;
- 2 year 2.608%, -1.2 basis points
- 5 year 2.890% -9.2 basis points
- 10 year 2.951%, -12.7 basis points
- 30 year 3.074%, -13.3 basis points
The current 3 year yield is trading at 2.792%, -4.5 basis points.