Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.747% (When-Issued: 3.746%)
    • Bid-to-cover: 2.35
    • Indirect bid: 59.5%
    • Direct bid: 31.7%
  • Average results of previous 12 auctions:
    • High yield: 3.965%
    • Bid-to-cover: 2.38
    • Indirect bid: 66.2%
    • Direct bid: 22.8%