Bond Market Update

Treasury Auction Results

• $69 bln 2-year Treasury note auction:
  • Auction results:
    • High yield: 3.955% (When-Issued: 3.965%)
    • Bid-to-cover: 2.57
    • Indirect bid: 63.3%
    • Direct bid: 26.2%
  • Average results of previous 12 auctions:
    • High yield: 4.196%
    • Bid-to-cover: 2.64
    • Indirect bid: 69.3%
    • Direct bid: 18.5%

• Yield check:
  • 2-yr: -2 bps to 3.97%
  • 3-yr: -3 bps to 3.93%
  • 5-yr: -5 bps to 4.03%
  • 10-yr: -7 bps to 4.44%
  • 30-yr: -11 bps to 4.93%