Bond Market Update

Treasury Auction Preview 

• $16 bln 20-year Treasury bond auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.506%
    • Bid-to-cover: 2.73
    • Indirect bid: 63.6%
    • Direct bid: 26.3%
  • Average results of previous 12 auctions:
    • High yield: 4.788%
    • Bid-to-cover: 2.61
    • Indirect bid: 66.3%
    • Direct bid: 19.9%