Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET)
  • Prior auction results:
    • High yield: 3.972%
    • Bid-to-cover: 2.52
    • Indirect bid: 66.8%
    • Direct bid: 18.0%
  • Average results of previous 12 auctions:
    • High yield: 3.993%
    • Bid-to-cover: 2.60
    • Indirect bid: 66.5%
    • Direct bid: 18.1%

• Yield check:
  • 2-yr: +2 bps to 3.91%
  • 3-yr: +3 bps to 3.88%
  • 5-yr: +3 bps to 3.99%
  • 10-yr: +3 bps to 4.42%
  • 30-yr: +4 bps to 4.96%