Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results: 
    • High yield: 3.936% (When-Issued: 3.918%)
    • Bid-to-cover: 2.44
    • Indirect bid: 59.4%
    • Direct bid: 16.5%
  • Average results of previous 12 auctions:
    • High yield: 3.682%
    • Bid-to-cover: 2.61
    • Indirect bid: 59.3%
    • Direct bid: 29.7%