Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.609% (When-Issued: 3.610%)
    • Bid-to-cover: 2.65
    • Indirect bid: 56.5%
    • Direct bid: 29.5%
  • Average results of previous 12 auctions:
    • High yield: 3.828%
    • Bid-to-cover: 2.63
    • Indirect bid: 65.0%
    • Direct bid: 21.4%