Bond Market Update

Treasury Auction Results

• $44 bln 7-year Treasury note auction:
  • Auction results:
    • High yield: 5.085% (When-Issued: 5.078%)
    • Bid-to-cover: 2.42
    • Indirect bid: 57.2%
    • Direct bid: 30.3%
  • Average results of previous 12 auctions:
    • High yield: 4.102%
    • Bid-to-cover: 2.48
    • Indirect bid: 62.9%
    • Direct bid: 25.4%
  • Yield check:
    • 2-yr: -1 bp to 4.88%
    • 3-yr: -1 bp to 4.96%
    • 5-yr: +1 bp to 5.01%
    • 10-yr: +2 bps to 5.13%
    • 30-yr: +5 bps to 5.45%