Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 11:30 ET)
  • Prior auction results:
    • High yield: 4.197%
    • Bid-to-cover: 2.43
    • Indirect bid: 64.1%
    • Direct bid: 24.6%
  • Average results of previous 12 auctions:
    • High yield: 4.131%
    • Bid-to-cover: 2.39
    • Indirect bid: 67.8%
    • Direct bid: 17.5%