Bond Market Update

Treasury Auction Results

• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.579% (When-Issued: 3.589%)
    • Bid-to-cover: 2.85
    • Indirect bid: 63.0%
    • Direct bid: 27.3%
  • Average results of previous 12 auctions:
    • High yield: 3.918%
    • Bid-to-cover: 2.61
    • Indirect bid: 65.0%
    • Direct bid: 20.1%