Bond Market Update

Treasury Auction Results

• $70 bln 5-year Treasury note auction:
  • Auction results:
    • High yield: 3.615% (When-Issued: 3.608%)
    • Bid-to-cover: 2.32
    • Indirect bid: 62.5%
    • Direct bid: 24.7%
  • Average results of previous 12 auctions:
    • High yield: 3.842%
    • Bid-to-cover: 2.40
    • Indirect bid: 65.7%
    • Direct bid: 24.0%