Bond Market Update

Treasury Auction Preview

• $58 bln 3-year Treasury note auction (results at 13:00 ET):
  • Prior auction results:
    • High yield: 3.812%
    • Bid-to-cover: 2.65
    • Indirect bid: 56.5%
    • Direct bid: 31.6%
  • Average results of previous 12 auctions:
    • High yield: 3.679%
    • Bid-to-cover: 2.60
    • Indirect bid: 57.9%
    • Direct bid: 30.1%