Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.518%
    • Bid-to-cover: 2.62
    • Indirect bid: 57.1%
    • Direct bid: 31.9%
  • Average results of previous 12 auctions:
    • High yield: 3.702%
    • Bid-to-cover: 2.62
    • Indirect bid: 63.2%
    • Direct bid: 23.6%