U.S. Treasury to auction off $42 billion of 2 year notes at the top of the hour

The U.S. Treasury will auction off a $42 billion of 2 year notes at the top of the hour. The six-month averages of the major components shows:

• Tail 0.2 basis points.
• Bid to cover 2.59X.
• Directs (domestic buyers) 21.4%
• Indirects (overseas buyers) 57.4%.
• Dealers (they take the balance) 21.2%