Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.710% (When-Issued: 3.709%)
    • Bid-to-cover: 2.34
    • Indirect bid: 59.4%
    • Direct bid: 28.6%
  • Average results of previous 12 auctions:
    • High yield: 4.045%
    • Bid-to-cover: 2.38
    • Indirect bid: 68.1%
    • Direct bid: 20.5%