Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.579%
    • Bid-to-cover: 2.85
    • Indirect bid: 63.0%
    • Direct bid: 27.3%
  • Average results of previous 12 auctions:
    • High yield: 3.870%
    • Bid-to-cover: 2.63
    • Indirect bid: 64.3%
    • Direct bid: 21.6%