27 March 2015 US Fixed Income Weekly 2-year floating rate note (Mt Indirect bidder participation rose by more than a half to a record high of 75.5% (42.9% average). In contrast, the indirect bidder participation fell to zero for the first time in the auctions held so far. The bid-to-cover ratio of the auction rose to a six-month high of 4.34, and compares with the prior-year average of 4.15. I2-year floating rate note (ERN) auction statistics Size (Sion) Primary Derriere Direct Bidders Indirect Bidders Cover Ratio Stop-out Yield lyr Avg $ 137 52.3% 48% 429% 415 0.070 Mar-16 $13.0 24.6% 0.0% 75.6% 4.34 0.086 Feb-15 $13.0 49.9% 1.9% 48.2% 4.28 0.084 Jan-16 $15.0 46.0% 6.0% 47.1% 3.72 0.084 Dec-14 $13.0 70.1% 6.2% 24.7% 2.90 0.110 Nov-I4 $13.0 42.8% 6.4% 51.8% 4.00 0.068 Oet• 14 $AS 0 60.1% 3 3% 46.6% 3.58 0.053 Sep-14 $13.0 41.0% 4.6% 64.4% 4.46 0.041 Aug-14 513.0 50.2% 3.3% 46.6% 4.38 0.066 Jul-14 $15.0 spin% 3.3% 467% 4.09 0.070 Jun-14 $13.0 64.8% 5.1% 40.1% 4.43 0.069 May-14 $13.0 48.9% 9.4% 41.7% 4.69 0.063 Apr-14 $160 5C.7". 4$-.•P. :34.4% 4 64 0 069 awn rer evianswtmungn. Sent 2-year note Indirect bidder participation was solid for the third straight month in March; though their takedown of 45.7% was slightly lower in comparison with the five-year highs of +48% in the previous two months, but beat its prior-year average of 34.0% nonetheless. Direct bidder takedown rose past the average to 18.3% from 13.3% in February. Consequently, the combined buy-side participation of 64% was the highest since October 2012, and compares to its trailing-year average of 51.6%. The bid-to-cover ratio of the auction was in line to its average 3.4, and the auction stopped through by 0.1bp on its 1pm WI bid. I2-year note auction statistics Size Oril Primary Dealers Direct Bidders Indirect Bidders Cover Stop-out 1PM WI FibliO Yield Bid BP Tail fy'Avg $2