Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.784% (When-Issued: 3.760%)
    • Bid-to-cover: 2.47
    • Indirect bid: 73.0%
    • Direct bid: 6.2%
  • Average results of previous 12 auctions:
    • High yield: 4.179%
    • Bid-to-cover: 2.60
    • Indirect bid: 65.5%
    • Direct bid: 18.7%