U.S. Treasury to auction off $47 billion of 7 year notes at the top of the hour

The U.S. Treasury will auction off $47 billion a seven year notes at the top of the hour. The six month averages of the major components shows:

• Bid to cover, 2.31X
• Directs (a measure of domestic demand), 21.7%
• Indirects (a measure of international demand), 61.5%
• Dealers (they take the rest), 16.8%

The last auction yield came in at 1.905% with a tail of -1.0 basis points.