Bond Market Update

Treasury Auction Preview

• $69 bln 2-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.504%
    • Bid-to-cover: 2.59
    • Indirect bid: 53.7%
    • Direct bid: 34.8%
  • Average results of previous 12 auctions:
    • High yield: 3.929%
    • Bid-to-cover: 2.62
    • Indirect bid: 65.3%
    • Direct bid: 23.7%