Bond Market Update

Treasury Auction Results

• $16 bln 20-year Treasury bond auction:
  • Auction results:
    • High yield: 5.047% (When-Issued: 5.035%)
    • Bid-to-cover: 2.46
    • Indirect bid: 69.0%
    • Direct bid: 14.1%
  • Average results of previous 12 auctions:
    • High yield: 4.573%
    • Bid-to-cover: 2.58
    • Indirect bid: 69.5%
    • Direct bid: 17.1%

• Yield check:
  • 2-yr: +4 bps to 4.01%
  • 3-yr: +5 bps to 3.99%
  • 5-yr: +7 bps to 4.13%
  • 10-yr: +7 bps to 4.55%
  • 30-yr: +7 bps to 5.03%