Bond Market Update

Treasury Auction Preview

• $22 bln 30-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.750%
    • Bid-to-cover: 2.66
    • Indirect bid: 69.9%
    • Direct bid: 24.2%
  • Average results of previous 12 auctions:
    • High yield: 4.769%
    • Bid-to-cover: 2.39
    • Indirect bid: 63.8%
    • Direct bid: 24.0%