Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET)
  • Prior auction results:
    • High yield: 3.645%
    • Bid-to-cover: 2.41
    • Indirect bid: 70.5%
    • Direct bid: 16.3%
  • Average results of previous 12 auctions:
    • High yield: 4.308%
    • Bid-to-cover: 2.40
    • Indirect bid: 66.7%
    • Direct bid: 17.7%