Bond Market Update

Treasury Auction Preview

• $16 bln 20-year Treasury bond auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.846%
    • Bid-to-cover: 2.86
    • Indirect bid: 64.7%
    • Direct bid: 29.0%
  • Average results of previous 12 auctions:
    • High yield: 4.795%
    • Bid-to-cover: 2.64
    • Indirect bid: 65.3%
    • Direct bid: 22.6%