Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET)
  • Prior auction results:
    • High yield: 4.039%
    • Bid-to-cover: 2.51
    • Indirect bid: 65.1%
    • Direct bid: 16.3%
  • Average results of previous 12 auctions:
    • High yield: 4.531%
    • Bid-to-cover: 2.60
    • Indirect bid: 70.4%
    • Direct bid: 17.6%