Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.613%
    • Bid-to-cover: 2.74
    • Indirect bid: 64.6%
    • Direct bid: 27.9%
  • Average results of previous 12 auctions:
    • High yield: 4.795%
    • Bid-to-cover: 2.60
    • Indirect bid: 66.6%
    • Direct bid: 19.2%