Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.876%
    • Bid-to-cover: 2.54
    • Indirect bid: 60.6%
    • Direct bid: 26.5%
  • Average results of previous 12 auctions:
    • High yield: 4.747%
    • Bid-to-cover: 2.58
    • Indirect bid: 66.7%
    • Direct bid: 18.2%