Bond Market Update

Treasury Auction Preview

• $42 bln 10-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.117%
    • Bid-to-cover: 2.48
    • Indirect bid: 66.8%
    • Direct bid: 24.1%
  • Average results of previous 12 auctions:
    • High yield: 4.347%
    • Bid-to-cover: 2.56
    • Indirect bid: 70.1%
    • Direct bid: 18.4%