Bond Market Update

Treasury Auction Results

• $44 bln 7-year Treasury note auction:
  • Auction results:
    • High yield: 3.781% (When-Issued: 3.775%)
    • Bid-to-cover: 2.46
    • Indirect bid: 56.7%
    • Direct bid: 30.3%
  • Average results of previous 12 auctions:
    • High yield: 4.142%
    • Bid-to-cover: 2.60
    • Indirect bid: 67.4%
    • Direct bid: 22.5%