Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.823% (When-Issued: 3.820%)
    • Bid-to-cover: 2.34
    • Indirect bid: 60.7%
    • Direct bid: 28.5%
  • Average results of previous 12 auctions:
    • High yield: 3.904%
    • Bid-to-cover: 2.37
    • Indirect bid: 65.5% 
    • Direct bid: 23.8%