Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.724%
    • Bid-to-cover: 2.36
    • Indirect bid: 60.5%
    • Direct bid: 30.7%
  • Average results of previous 12 auctions:
    • High yield: 4.045%
    • Bid-to-cover: 2.38
    • Indirect bid: 68.1%
    • Direct bid: 20.5%