Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET) 
  • Prior auction results:
    • High yield: 3.891%
    • Bid-to-cover: 2.51
    • Indirect bid: 54.1%
    • Direct bid: 29.3%
  • Average results of previous 12 auctions:
    • High yield: 3.951%
    • Bid-to-cover: 2.58
    • Indirect bid: 65.7%
    • Direct bid: 18.7%