Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET)
  • Prior auction results:
    • High yield: 4.635%
    • Bid-to-cover: 2.51
    • Indirect bid: 70.8%
    • Direct bid: 19.2%
  • Average results of previous 12 auctions:
    • High yield: 4.532%
    • Bid-to-cover: 2.63
    • Indirect bid: 69.2%
    • Direct bid: 19.2%