Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.786% (When-Issued: 3.787%)
    • Bid-to-cover: 2.58
    • Indirect bid: 60.5%
    • Direct bid: 26.3%
  • Average results of previous 12 auctions:
    • High yield: 4.116%
    • Bid-to-cover: 2.65
    • Indirect bid: 69.7%
    • Direct bid: 18.5%

• Yield check:
  • 2-yr: -2 bps to 3.81%
  • 3-yr: -2 bps to 3.76%
  • 5-yr: -3 bps to 3.86%
  • 10-yr: -3 bps to 4.29%
  • 30-yr: -3 bps to 4.86%