Bond Market Update

Treasury Auction Results

• $44 bln 7-year Treasury note auction:
  • Auction results:
    • High yield: 3.930% (When-Issued: 3.933%)
    • Bid-to-cover: 2.51
    • Indirect bid: 59.0%
    • Direct bid: 31.6%
  • Average results of previous 12 auctions:
    • High yield: 4.108%
    • Bid-to-cover: 2.58
    • Indirect bid: 66.8%
    • Direct bid: 22.8%