Core Viewpoint - The U.S. Treasury auctioned $13 billion in 20-year bonds with a winning yield of 4.846%, reflecting an increase from the previous yield of 4.798% on December 17 [1] Group 1: Auction Details - The auction involved $13 billion in 20-year bonds [1] - The winning yield was 4.846%, up from 4.798% in the previous auction [1] - The bid-to-cover ratio was 2.86, compared to 2.67 in the prior auction [1]

Core Viewpoint - The U.S. Treasury conducted auctions for three-month and six-month Treasury bills, with notable bid rates and bid-to-cover ratios indicating market interest in short-term government debt [1] Group 1: Auction Results - The three-month Treasury bill auction yielded a bid rate of 3.590% with a bid-to-cover ratio of 2.70, reflecting strong demand [1] - The six-month Treasury bill auction resulted in a bid rate of 3.520% and a bid-to-cover ratio of 2.95, also indicating robust investor interest [1] - The issuance of these bonds was delayed by one day due to a market closure on Monday [1]

Core Viewpoint - The U.S. Treasury conducted auctions for four- and eight-week Treasury bills, with notable bid-to-cover ratios and yield rates indicating market interest and demand for government securities [1]. Group 1: Auction Results - The four-week Treasury bill auction had a winning yield of 3.595% and a bid-to-cover ratio of 2.92, suggesting strong demand [1]. - The eight-week Treasury bill auction recorded a winning yield of 3.6% with a bid-to-cover ratio of 2.71, indicating a healthy level of investor interest [1].

Group 1 - The demand for Japan's five-year government bond auction was weaker than the 12-month average, influenced by increasing political risks affecting investor subscription willingness [1] - The bid cover ratio for this auction was 3.08 times, lower than the previous auction's 3.17 times and below the 12-month average of 3.54 times [1] - The auction coincided with Prime Minister Fumio Kishida's consideration of an early election, leading to a wave of bond sell-offs, reminiscent of the "Kishida trade" that previously caused a plunge in the yen [1] Group 2 - The yield on the five-year government bond has risen to 1.615%, marking a new high since the introduction of this maturity in 2000 [1] - Most economists expect the Bank of Japan to wait until June to raise interest rates, but the continued weakness of the yen may increase pressure for earlier action [1] - Former BOJ policy board member Makoto Sakurai suggested that the central bank could raise rates as early as April, with the market currently pricing in the first rate hike for July [1]

Core Viewpoint - The U.S. Treasury auctioned 30-year bonds with a winning yield of 4.825%, an increase from 4.773% on December 11 [1] Group 1 - The bid-to-cover ratio for the auction was 2.42, which is higher than the previous ratio of 2.36 [1]

Core Viewpoint - After the U.S. Treasury's auction of $69 billion in 2-year notes, U.S. Treasury yields continued to decline during the trading session, with expectations for upcoming 5-year and 7-year note issuances [1][9]. Group 1: Treasury Auction Results - The auction of $69 billion in 2-year notes had a high yield approximately 0.3 basis points above pre-auction trading levels [1][9]. - The allocation to primary dealers was 12.7%, the highest since June [1][9]. - Direct bidders received 34.1% of the allocation, above the average of 31.7%, while indirect bidders received 53.2%, below the average of 57.1% [1][9]. Group 2: Market Trends and Yields - U.S. Treasury yields rose slightly, with the 2-year yield up by 1.91 basis points to 3.5025%, the 5-year yield up by 1.76 basis points to 3.7109%, the 10-year yield up by 1.57 basis points to 4.1628%, and the 30-year yield up by 1.53 basis points to 4.8395% [3][4][5][6]. - The yield curve showed a bear flattening trend, with the short and mid-ends lagging as investors positioned for upcoming auctions [1][9]. - The 2-year and 10-year yield spread decreased by 0.34 basis points to 65.821 basis points, while the 5-year and 30-year spread decreased by 0.24 basis points to 112.677 basis points [7][8][12]. Group 3: Market Activity - Trading volume in U.S. Treasury futures was only 50% of the 20-day average, indicating a lack of significant price catalysts [1][9]. - In the options market, a notable hedge trade of approximately $28 million was made, betting on a decline in the 10-year yield to around 4.05% in the coming weeks [2][10].

Summary - The document presents data on bids, sales, stop-rates, and prices for specific financial instruments, indicating no activity in the current reporting period [1]. Group 1 - There are no bids or sales recorded for the instruments listed, with a total of 0 for both categories [1]. - The stop-rate percentage is not applicable as there are no recorded transactions [1]. - The price information is also absent, reflecting a lack of market activity for the specified instruments [1].

Group 1 - The U.S. Treasury auctioned $22 billion of 30-year bonds with a winning yield of 4.773% [1]

Core Viewpoint - The U.S. Treasury issued $22 billion in 30-year bonds with a high yield of 4.773%, reflecting an increase from the previous auction yield of 4.694% [1][1]. Summary by Categories Auction Results - The winning yield for the 30-year bonds was 4.773%, which is higher than the last auction's yield of 4.694% [1][1]. - The bid-to-cover ratio was 2.36, compared to 2.29 in the previous auction, indicating stronger demand [1][1]. Distribution of Allocations - Primary dealers received 11.2% of the bonds, down from 14.5% in the last auction [1][1]. - Direct bidders were allocated 23.5%, an increase from 14.5% previously [1][1]. - Indirect bidders received 65.4%, a decrease from 71.0% in the last auction [1][1]. Key Dates - The settlement date for the bonds is December 15, 2025, and the maturity date is November 15, 2055 [1][1].

Core Insights - Japanese government bond prices continue to rise, supported by strong demand in the latest 20-year bond auction [1][2] - The bid-to-cover ratio for the auction was approximately 4.10, the highest level since May 2020, indicating robust demand [1][2] - The tail spread, which measures the difference between the average accepted price and the lowest accepted price, has significantly narrowed compared to the previous auction in November [1][2] Yield Summary - The yield on 5-year Japanese government bonds decreased by 2.5 basis points to 1.420% [1][2] - The yield on 10-year bonds fell by 3 basis points to 1.925% [1][2] - The yield on 20-year bonds declined by 3.5 basis points to 2.910% [1][2]