Bond Market Update

Treasury Auction Preview

• $69 bln 2-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.499%
    • Bid-to-cover: 2.54
    • Indirect bid: 53.2%
    • Direct bid: 34.1%
  • Average results of previous 12 auctions:
    • High yield: 3.794%
    • Bid-to-cover: 2.60
    • Indirect bid: 61.8%
    • Direct bid: 26.9%