Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 4.478% (When-Issued: 4.480%) 
    • Bid-to-cover: 2.40
    • Indirect bid: 67.3%
    • Direct bid: 20.3%
  • Average results of previous 12 auctions:
    • High yield: 4.131%
    • Bid-to-cover: 2.39
    • Indirect bid: 67.8%
    • Direct bid: 17.5%