Bond Market Update

Treasury Auction Preview

• $69 bln 2-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.641%
    • Bid-to-cover: 2.69
    • Indirect bid: 57.1%
    • Direct bid: 33.2%
  • Average results of previous 12 auctions:
    • High yield: 3.977%
    • Bid-to-cover: 2.62
    • Indirect bid: 66.5%
    • Direct bid: 21.8%