Bond Market Update

Treasury Auction Results

• $39 bln 10-year Treasury note reopening:
  • Auction results:
    • High yield: 4.175% (When-Issued: 4.175%)
    • Bid-to-cover: 2.55
    • Indirect bid: 70.2%
    • Direct bid: 21.0%
  • Average results of previous 12 auctions:
    • High yield: 4.325%
    • Bid-to-cover: 2.55
    • Indirect bid: 70.5%
    • Direct bid: 18.3%
• Yield check:
  • 2-yr: +2 bps to 3.60%
  • 3-yr: +3 bps to 3.64%
  • 5-yr: +2 bps to 3.77%
  • 10-yr: unch at 4.17%
  • 30-yr: -1 bp to 4.80%