Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.664%
    • Bid-to-cover: 2.36
    • Indirect bid: 55.2%
    • Direct bid: 27.2%
  • Average results of previous 12 auctions:
    • High yield: 4.781%
    • Bid-to-cover: 2.64
    • Indirect bid: 64.7%
    • Direct bid: 23.2%