Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.455% (When-Issued: 3.454%)
    • Bid-to-cover: 2.63
    • Indirect bid: 55.9%
    • Direct bid: 34.3%
  • Average results of previous 12 auctions:
    • High yield: 3.741%
    • Bid-to-cover: 2.61
    • Indirect bid: 61.7%
    • Direct bid: 27.5%