Bond Market Update

Treasury Auction Preview

• $69 bln 2-year Treasury note auction (results at 11:30 ET):
  • Prior auction results:
    • High yield: 3.571%
    • Bid-to-cover: 2.51
    • Indirect bid: 57.7%
    • Direct bid: 30.8%
  • Average results of previous 12 auctions:
    • High yield: 3.981%
    • Bid-to-cover: 2.61
    • Indirect bid: 65.7%
    • Direct bid: 22.8%