Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.393%
    • Bid-to-cover: 2.37
    • Indirect bid: 61.5%
    • Direct bid: 24.8%
  • 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: +11 bps to 4.86%
    • 3-yr: +10 bps to 4.92%
    • 5-yr: +11 bps to 4.95%
    • 10-yr: +10 bps to 5.07%
    • 30-yr: +8 bps to 5.38%