Bond Market Update

Treasury Auction Results

• $44 bln 7-year Treasury note auction:
  • Auction results:
    • High yield: 4.532%
    • Bid-to-cover: 2.76
    • Indirect bid: 87.9%
    • Direct bid: 2.9%
  • Average results of previous 12 auctions:
    • High yield: 4.177%
    • Bid-to-cover: 2.56
    • Indirect bid: 69.2%
    • Direct bid: 18.3%

• Yield check:
  • 2-yr: unch at 4.34%
  • 3-yr: unch at 4.37%
  • 5-yr: +1 bp to 4.45%
  • 10-yr: unch at 4.59%
  • 30-yr: +1 bp to 4.77%