Bond Market Update

Treasury Auction Results

• $13 bln 20-year Treasury bond reopening:
  • Auction results:
    • High yield: 4.942% (When-Issued: 4.942%)
    • Bid-to-cover: 2.68
    • Indirect bid: 66.7%
    • Direct bid: 19.9%
  • Average results of previous 12 auctions:
    • High yield: 4.608%
    • Bid-to-cover: 2.58
    • Indirect bid: 69.3%
    • Direct bid:16.7%

• Yield check:
  • 2-yr: -1 bp to 3.95%
  • 3-yr: -1 bp to 3.91%
  • 5-yr: -1 bp to 4.01%
  • 10-yr: unch at 4.42%
  • 30-yr: unch at 4.92%