Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.519% (When-Issued: 3.519%) 
    • Bid-to-cover: 2.38
    • Indirect bid: 70.3%
    • Direct bid: 18.2%
  • Average results of previous 12 auctions:
    • High yield: 4.308%
    • Bid-to-cover: 2.40
    • Indirect bid: 66.7% 
    • Direct bid: 17.7%