The U.S. Treasury will auction off $13 billion of 20-year notes at the top of the hour. The major components of the auctions and the 6-month averages shows:

  • High Yield:
    • Previous: 4.499%
    • Six-auction average: 4.055%
  • Tail:
    • Previous: 0.9bps
    • Six-auction average: -0.2bps
  • Bid-to-Cover:
    • Previous: 2.56x
    • Six-auction average: 2.64x
  • Dealers:
    • Previous: 11.4%
    • Six-auction average: 10.7%
  • Directs: a measure of domestic demand
    • Previous: 20.2%
    • Six-auction average: 19.7%
  • Indirects: a measure of international demand
    • Previous: 68.4%
    • Six-auction average: 69.7%