Bond Market Update

Treasury Auction Results

• $22 bln 30-year Treasury bond reopening:
  • Auction results:
    • High yield: 4.889% (When-Issued: 4.890%)
    • Bid-to-cover: 2.38
    • Indirect bid: 59.8%
    • Direct bid: 27.4%
  • Average results of previous 12 auctions:
    • High yield: 4.586%
    • Bid-to-cover: 2.41
    • Indirect bid: 65.2%
    • Direct bid: 20.6%

• Yield check:
  • 2-yr: +2 bps to 3.88%
  • 3-yr: +1 bp to 3.84%
  • 5-yr: +2 bps to 3.94%
  • 10-yr: +2 bps to 4.36%
  • 30-yr: unch at 4.88%