Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 4.121% (When-Issued: 4.110%)
    • Bid-to-cover: 2.40
    • Indirect bid: 67.2%
    • Direct bid: 18.8%
  • Average results of previous 12 auctions:
    • High yield: 4.375%
    • Bid-to-cover: 2.43
    • Indirect bid: 66.3%
    • Direct bid: 18.2%