Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.747%
    • Bid-to-cover: 2.35
    • Indirect bid: 59.5%
    • Direct bid: 31.7%
  • Average results of previous 12 auctions:
    • High yield: 3.904%
    • Bid-to-cover: 2.37
    • Indirect bid: 65.5%
    • Direct bid: 23.8%