Bond Market Update

Treasury Auction Results

• $16 bln 20-year Treasury bond auction:
  • Auction results:
    • High yield: 4.680% (When-Issued: 4.650%)
    • Bid-to-cover: 2.34
    • Indirect bid: 69.5%
    • Direct bid: 7.9%
  • Average results of previous 12 auctions:
    • High yield: 4.476%
    • Bid-to-cover: 2.60
    • Indirect bid: 70.0%
    • Direct bid: 17.8%
• Yield check:
  • 2-yr: +3 bps to 4.30%
  • 3-yr: +3 bps to 4.26%
  • 5-yr: +2 bps to 4.27%
  • 10-yr: +4 bps to 4.41%
  • 30-yr:  +3 bps to 4.59