Bond Market Update

Treasury Auction Preview

• $44 bln 7-year Treasury note auction (results at 11:30 ET):
  • Prior auction results:
    • High yield: 3.781%
    • Bid-to-cover: 2.46
    • Indirect bid: 56.7%
    • Direct bid: 30.3%
  • Average results of previous 12 auctions:
    • High yield: 4.108%
    • Bid-to-cover: 2.58
    • Indirect bid: 66.8%
    • Direct bid: 22.8%