Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.625% (When-Issued: 3.626%)
    • Bid-to-cover: 2.38
    • Indirect bid: 66.8%
    • Direct bid: 23.9%
  • Average results of previous 12 auctions:
    • High yield: 4.061%
    • Bid-to-cover: 2.38
    • Indirect bid: 67.2%
    • Direct bid: 21.4%