The U.S. Treasury will auction off $50 billion of 3 year notes at the top of the hour. The auction is the 1st of 3 coupon auctions this week with the treasury also auctioning $39 billion of 9 year 11 month bonds tomorrow at 1 PM. On Thursday they will complete the auctions with the sale of $22 billion of 29 year and 11 month bonds.
The 6 month averages of the major components for the 3 year note auction will be compared to the actual results. Below are the averages for those components:
Tail: -0.2 basis points.Bid to cover 2.63XDirects (domestic buyers) 24.5%Indirects (international buyers 62.5%)Dealers 13.1%
This article was written by Greg Michalowski at investinglive.com.