Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.669% (When-Issued: 3.662%)
    • Bid-to-cover: 2.53
    • Indirect bid: 54.0%
    • Direct bid: 28.1%
  • Average results of previous 12 auctions:
    • High yield: 3.951%
    • Bid-to-cover: 2.58
    • Indirect bid: 65.7%
    • Direct bid: 18.7%

• Yield check:
  • 2-yr: +4 bps to 3.72%
  • 3-yr: +3 bps to 3.68%
  • 5-yr: +2 bps to 3.76%
  • 10-yr: +1 bp to 4.21%
  • 30-yr: -1 bp to 4.79%