Bond Market Update

Treasury Auction Results

• The $58 billion 3-yr note auction didn't get this week's auction off to a good start. The high yield of 3.891% tailed the when-issued yield of 
• $58 bln 3-year Treasury note auction:
  • Auction results:
    • High yield: 3.891% (When-Issued: 3.887%)
    • Bid-to-cover: 2.51
    • Indirect bid: 54.1%
    • Direct bid: 29.3%
  • Average results of previous 12 auctions:
    • High yield: 3.993%
    • Bid-to-cover: 2.60
    • Indirect bid: 66.5%
    • Direct bid: 18.1%

• Yield check:
  • 2-yr: +3 bps to 3.92%
  • 3-yr: +3 bps to 3.88%
  • 5-yr: +3 bps to 3.99%
  • 10-yr: +4 bps to 4.43%
  • 30-yr: +4 bps to 4.96%