Bond Market Update

Treasury Auction Preview

• $44 bln 7-year Treasury auction (results at 13:00 ET): 
  • Prior auction results:
    • High yield: 3.930%
    • Bid-to-cover: 2.51
    • Indirect bid: 59.0%
    • Direct bid: 31.6%
  • Average results of previous 12 auctions:
    • High yield: 4.058%
    • Bid-to-cover: 2.56
    • Indirect bid: 64.4%
    • Direct bid: 25.2%