Bond Market Update

Treasury Auction Results

• $22 bln 30-year Treasury bond reopening:
  • Auction results:
    • High yield: 4.734% (when-issued: 4.730%)
    • Bid-to-cover: 2.38
    • Indirect bid: 64.5%
    • Direct bid: 26.9%
  • Average results of previous 12 auctions:
    • High yield: 4.720%
    • Bid-to-cover: 2.41
    • Indirect bid: 64.1%
    • Direct bid: 22.5%

• Yield check:
  • 2-yr: +2 bps to 3.60%
  • 3-yr: +1 bp to 3.61%
  • 5-yr: +2 bps to 3.74%
  • 10-yr: +2 bps to 4.15%
  • 30-yr: +1 bp to 4.73%