Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 5.033%
    • Bid-to-cover: 2.21
    • Indirect bid: 54.3%
    • Direct bid: 29.9%
  • Average results of previous 12 auctions:
    • High yield: 3.913%
    • Bid-to-cover: 2.38
    • Indirect bid: 63.8%
    • Direct bid: 24.3%
  • Yield check:
    • 2-yr: +17 bps to 4.92%
    • 3-yr: +18 bps to 5.00%
    • 5-yr: +18 bps to 5.02%
    • 10-yr: +15 bps to 5.12%
    • 30-yr: +10 bps to 5.40%