Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.499% (When-Issued: 3.496%)
    • Bid-to-cover: 2.54
    • Indirect bid: 53.2%
    • Direct bid: 34.1%
  • Average results of previous 12 auctions:
    • High yield: 3.863%
    • Bid-to-cover: 2.61
    • Indirect bid: 64.2%
    • Direct bid: 24.6%