Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 4.138% (When-Issued: 4.122%)
    • Bid-to-cover: 2.39
    • Indirect bid: 76.4%
    • Direct bid: 9.5%
  • Average results of previous 12 auctions:
    • High yield: 4.213%
    • Bid-to-cover: 2.39
    • Indirect bid: 66.7%
    • Direct bid: 17.7%