Bond Market Update

Treasury Auction Preview

• $39 bln 10-year Treasury note reopening (results at 13:00 ET):
  • Prior auction results:
    • High yield: 4.217%
    • Bid-to-cover: 2.45
    • Indirect bid: 74.5%
    • Direct bid: 12.8%
  • Average results of previous 12 auctions:
    • High yield: 4.232%
    • Bid-to-cover: 2.52
    • Indirect bid: 71.3%
    • Direct bid: 18.7%