Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.576% (When-Issued: 3.584%)
    • Bid-to-cover: 2.66
    • Indirect bid: 62.7%
    • Direct bid: 26.6%
  • Average results of previous 12 auctions:
    • High yield: 3.943%
    • Bid-to-cover: 2.59
    • Indirect bid: 64.5%
    • Direct bid: 19.9%