Bond Market Update

Treasury Auction Results

• $13 bln 20-year Treasury bond reopening:
  • Auction results:
    • High yield: 4.613%
    • Bid-to-cover: 2.74
    • Indirect bid: 64.6%
    • Direct bid: 27.9%
  • Average results of previous 12 auctions:
    • High yield: 4.747%
    • Bid-to-cover: 2.58
    • Indirect bid: 66.7%
    • Direct bid: 18.2%

• Yield check:
  • 2-yr: -2 bps to 3.51%
  • 3-yr: -2 bps to 3.48%
  • 5-yr: -1 bp to 3.59%
  • 10-yr: unch at 4.03%
  • 30-yr: -1 bp to 4.65%