Bond Market Update

Treasury Auction Results

• $13 bln 20-year Treasury bond reopening:
  • Auction results:
    • High yield: 4.817%
    • Bid-to-cover: 2.76
    • Indirect bid: 69.2%
    • Direct bid: 21.6%
  • Average results of previous 12 auctions:
    • High yield: 4.781%
    • Bid-to-cover: 2.64
    • Indirect bid: 64.7%
    • Direct bid: 23.2%