Bond Market Update

Treasury Auction Preview

• $39 bln 10-year Treasury note reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.177%
    • Bid-to-cover: 2.39
    • Indirect bid: 64.5%
    • Direct bid: 22.1%
  • Average results of previous 12 auctions:
    • High yield: 4.240%
    • Bid-to-cover: 2.53
    • Indirect bid: 70.7%
    • Direct bid: 19.3%