Bond Market Update

Treasury Auction Preview

• $42 bln 10-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.173%
    • Bid-to-cover: 2.55
    • Indirect bid: 69.6%
    • Direct bid: 24.5%
  • Average results of previous 12 auctions:
    • High yield: 4.277%
    • Bid-to-cover: 2.54
    • Indirect bid: 71.2%
    • Direct bid: 18.6%