Bond Market Update

Treasury Auction Preview

• $39 bln 10-year Treasury note reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.074%
    • Bid-to-cover: 2.43
    • Indirect bid: 67.0%
    • Direct bid: 22.6%
  • Average results of previous 12 auctions:
    • High yield: 4.325%
    • Bid-to-cover: 2.55
    • Indirect bid: 70.5%
    • Direct bid: 18.3%