Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.980% (When-Issued: 3.966%)
    • Bid-to-cover: 2.29
    • Indirect bid: 61.9%
    • Direct bid: 22.5%
  • Average results of previous 12 auctions: 
    • High yield: 3.799%
    • Bid-to-cover: 2.39
    • Indirect bid: 64.6%
    • Direct bid: 24.8%