Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.810% (When-Issued: 3.812%)
    • Bid-to-cover: 2.55
    • Indirect bid: 64.4%
    • Direct bid: 20.3%
  • Average results of previous 12 auctions:
    • High yield: 4.478%
    • Bid-to-cover: 2.62
    • Indirect bid: 63.3%
    • Direct bid: 19.1%