Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.440% (When-Issued: 3.457%)
    • Bid-to-cover: 2.66
    • Indirect bid: 78.2%
    • Direct bid: 11.3%
  • Average results of previous 12 auctions:
    • High yield: 4.429%
    • Bid-to-cover: 2.59
    • Indirect bid: 62.5%
    • Direct bid: 19.4%