Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.562%
    • Bid-to-cover: 2.41
    • Indirect bid: 61.3%
    • Direct bid: 27.6%
  • Average results of previous 12 auctions:
    • High yield: 3.965%
    • Bid-to-cover: 2.38
    • Indirect bid: 66.2%
    • Direct bid: 22.8%