Bond Market Update

Treasury Auction Preview

• $39 bln 10-year Treasury note reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.033%
    • Bid-to-cover: 2.65
    • Indirect bid: 83.1%
    • Direct bid: 12.7%
  • Average results of previous 12 auctions:
    • High yield: 4.308%
    • Bid-to-cover: 2.58
    • Indirect bid: 70.9%
    • Direct bid: 17.6%