Bond Market Update

Treasury Auction Preview

• $69 bln 2-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.455%
    • Bid-to-cover: 2.63
    • Indirect bid: 55.9%
    • Direct bid: 34.3%
  • Average results of previous 12 auctions:
    • High yield: 3.682%
    • Bid-to-cover: 2.61
    • Indirect bid: 59.3%
    • Direct bid: 29.7%