Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 4.071% (When-Issued: 4.075%)
    • Bid-to-cover: 2.39
    • Indirect bid: 78.4%
    • Direct bid: 12.4%
  • Average results of previous 12 auctions:
    • High yield: 4.128%
    • Bid-to-cover: 2.39
    • Indirect bid: 68.9%
    • Direct bid: 18.1%

• Yield check:
  • 2-yr: +4 bps to 4.00%
  • 3-yr: +5 bps to 3.97%
  • 5-yr: +5 bps to 4.07%
  • 10-yr: +5 bps to 4.48%
  • 30-yr: +6 bps to 5.00%