Bond Market Update

Treasury Auction Preview

• $22 bln 30-year Treasury bond reopening (results at 13:00 ET)
  • Prior auction results:
    • High yield: 4.844%
    • Bid-to-cover: 2.43
    • Indirect bid: 65.2%
    • Direct bid: 23.4%
  • 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: +2 bps to 3.85%
  • 5-yr: +3 bps to 3.95%
  • 10-yr: +3 bps to 4.37%
  • 30-yr: +1 bp to 4.89%