Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.980%
    • Bid-to-cover: 2.29
    • Indirect bid: 61.9%
    • Direct bid: 22.5%
  • Average results of previous 12 auctions:
    • High yield: 3.789%
    • Bid-to-cover: 2.39
    • Indirect bid: 63.5%
    • Direct bid: 25.8%