Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.879% (When-Issued: 3.874%)
    • Bid-to-cover: 2.36
    • Indirect bid: 64.7%
    • Direct bid: 24.4%
  • Average results of previous 12 auctions:
    • High yield: 4.087%
    • Bid-to-cover: 2.39
    • Indirect bid: 70.1%
    • Direct bid: 17.9%

• Yield check:
  • 2-yr: -2 bps to 3.79%
  • 3-yr: -1 bp to 3.75%
  • 5-yr: -1 bp to 3.85%
  • 10-yr: unch at 4.30%
  • 30-yr: unch at 4.84%