The US treasury will complete the 2nd leg of the coupon auctions this week with the sale of $70B of 5-year notes at the top of the hour.
The 6 month averages of the major components shows:
- Tail 0.1%
- Bid to cover 2.35X
- Directs 25.1%
- Indirects 64.2%
- Dealers 10.7%
