Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.485%
    • Bid-to-cover: 2.73
    • Indirect bid: 74.2%
    • Direct bid: 17.4%
  • Average results of previous 12 auctions:
    • High yield: 3.943%
    • Bid-to-cover: 2.59
    • Indirect bid: 64.5%
    • Direct bid: 19.9%