Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.571% (when-issued yield: 3.572%)
    • Bid-to-cover:2.51
    • Indirect bid: 57.7%
    • Direct bid: 30.8%
  • Average results of previous 12 auctions:
    • High yield: 3.977%
    • Bid-to-cover: 2.62
    • Indirect bid: 66.5%
    • Direct bid: 21.8%
      
      
• Yield check:
  • 2-yr: unch at 3.60%
  • 3-yr: unch at 3.58%
  • 5-yr: -1 bp to 3.69%
  • 10-yr: unch at 4.14%
  • 30-yr: unch at 4.76%