Metrics to watch vs 6-auction avg:
Bid-to-Cover: 6-month avg. 2.62x. Total bids received divided by the amount of debt offered. A higher number is an indication of strong demand
Directs: 6-month avg. 18.7%. Domestic US buyers placing bids on their own behalf (e.g., corporations, pension funds, insurance companies). A higher number is indicative of strong domestic demand, while a lower number is weaker demand. .
More ahead:
30-year reopening Thursday
The auction's strength—or lack thereof—could influence rate direction and market sentiment heading into the rest of the week’s supply.
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