Bond Market Update

Treasury Auction Preview

• $25 bln 30-year Treasury bond auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 5.058%
    • Bid-to-cover: 2.44
    • Indirect bid: 77.7%
    • Direct bid: 12.2%
  • Average results of previous 12 auctions:
    • High yield: 4.843%
    • Bid-to-cover: 2.39
    • Indirect bid: 65.9%
    • Direct bid: 22.7%

• Yield check:
  • 2-yr: -7 bps to 4.13%
  • 3-yr: -7 bps to 4.20%
  • 5-yr: -7 bps to 4.30%
  • 10-yr: -6 bps to 4.62%
  • 30-yr: -6 bps to 5.19%