Bond Market Update

Treasury Auction Results

• $39 bln 10-year Treasury note auction:
  • Auction results:
    • High yield: 4.066% (When-Issued: 4.062%)
    • Bid-to-cover: 2.48
    • Indirect bid: 77.6%
    • Direct bid: 8.4%
  • Average results of previous 12 auctions:
    • High yield: 4.256%
    • Bid-to-cover: 2.51
    • Indirect bid: 67.2%
    • Direct bid: 17.1%
• Yield check:
  • 2-yr: +2 bps to 4.00%
  • 3-yr: +2 bps to 3.91%
  • 5-yr: +4 bps to 3.90%
  • 10-yr: +4 bps to 4.07%
  • 30-yr: +2 bps to 4.34%