Bond Market Update

Treasury Auction Preview

• $70 bln 5-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.580%
    • Bid-to-cover: 2.75
    • Indirect bid: 64.4%
    • Direct bid: 28.3%
  • Average results of previous 12 auctions:
    • High yield: 3.842%
    • Bid-to-cover: 2.40
    • Indirect bid: 65.7%
    • Direct bid: 24.0%