Nomura's Bid-To-Cover Indices

Nomura has created:

... an index of sovereign debt auction demand for the G4 bond markets based on the auctions’ bid/cover ratios.

Index is calculated by adjusting each region’s average bid/cover ratio to a normalised generic mean, accounting also for the size of its bond market. In this way Nomura is trying to neutralise idiosyncratic elements of each market that may skew the bid/cover ratios either upwards or downwards.

Click on charts to enlarge, courtesy of Nomura.

EU sub-index shows deterioration. But what about the mythical "direct bidders" in the US?