Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 4.787% (When-Issued: 4.785%)
    • Bid-to-cover: 2.63
    • Indirect bid: 57.8%
    • Direct bid: 29.0%
  • Average results of previous 12 auctions:
    • High yield: 3.835%
    • Bid-to-cover: 2.61
    • Indirect bid: 58.3%
    • Direct bid: 29.3%
  • Yield check:
    • 2-yr: +2 bps to 4.77%
    • 3-yr: +2 bps to 4.84%
    • 5-yr: +3 bps to 4.86%
    • 10-yr: +2 bps to 4.98%
    • 30-yr: +1 bp to 5.31%