Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.795% (When-Issued: 3.789%)
    • Bid-to-cover: 2.52
    • Indirect bid: 56.2%
    • Direct bid: 30.1%
  • Average results of previous 12 auctions:
    • High yield: 4.288%
    • Bid-to-cover: 2.65
    • Indirect bid: 70.1%
    • Direct bid: 17.5%