Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.878% (When-Issued: 3.871%)
    • Bid-to-cover: 2.45
    • Indirect bid: 56.9%
    • Direct bid: 24.0%
  • Average results of previous 12 auctions:
    • High yield: 4.327%
    • Bid-to-cover: 2.58
    • Indirect bid: 64.2%
    • Direct bid: 18.5%