Bond Market Update

Treasury Auction Preview

• $13 bln 20-year Treasury bond reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 5.047%
    • Bid-to-cover: 2.46
    • Indirect bid: 69.0%
    • Direct bid: 14.1%
  • Average results of previous 12 auctions:
    • High yield: 4.608%
    • Bid-to-cover: 2.58
    • Indirect bid: 69.3%
    • Direct bid:16.7%