Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.518% (When-Issued: 3.519%)
    • Bid-to-cover: 2.62
    • Indirect bid: 57.1%
    • Direct bid: 31.9%
  • Average results of previous 12 auctions:
    • High yield: 3.768%
    • Bid-to-cover: 2.63
    • Indirect bid: 64.6%
    • Direct bid: 22.2%

• Yield check:
  • 2-yr: -3 bps to 3.45%
  • 3-yr: -3 bps to 3.52%
  • 5-yr: -4 bps to 3.70%
  • 10-yr: -5 bps to 4.15%
  • 30-yr: -6 bps to 4.79%