Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.645% (When-Issued: 3.642%)
    • Bid-to-cover: 2.41
    • Indirect bid: 70.5%
    • Direct bid: 16.3%
  • Average results of previous 12 auctions:
    • High yield: 4.371%
    • Bid-to-cover: 2.41
    • Indirect bid: 66.5%
    • Direct bid: 17.9%