Bond Market Update

Treasury Auction Results

• $44 bln 7-year Treasury note auction:
  • Auction results:
    • High yield: 4.194% (When-Issued: 4.216%)
    • Bid-to-cover: 2.69
    • Indirect bid: 71.5%
    • Direct bid: 23.6%
  • Average results of previous 12 auctions:
    • High yield: 4.205%
    • Bid-to-cover: 2.59
    • Indirect bid: 69.6%
    • Direct bid: 19.3%

• Yield check:
  • 2-yr: -5 bps to 3.94%
  • 3-yr: -6 bps to 3.90%
  • 5-yr: -8 bps to 3.99%
  • 10-yr: -6 bps to 4.42%
  • 30-yr: -5 bps to 4.93%