Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 5.122%
    • Bid-to-cover: 2.55
    • Indirect bid: 67.7%
    • Direct bid: 22.9%
  • Average results of previous 12 auctions:
    • High yield: 4.809%
    • Bid-to-cover: 2.65
    • Indirect bid: 64.3%
    • Direct bid: 24.8%