Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 4.169% (When-Issued: 4.180%)
    • Bid-to-cover: 2.56
    • Indirect bid: 85.5%
    • Direct bid: 7.6%
  • Average results of previous 12 auctions:
    • High yield: 4.382%
    • Bid-to-cover: 2.64
    • Indirect bid: 67.6%
    • Direct bid: 19.2%