Bond Market Update

Treasury Auction Preview

• $22 bln 30-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.813%
    • Bid-to-cover: 2.27
    • Indirect bid: 59.5%
    • Direct bid: 23.0%
  • Average results of previous 12 auctions:
    • High yield: 4.667%
    • Bid-to-cover: 2.41
    • Indirect bid: 64.7%
    • Direct bid: 21.5%