Core Insights - The article discusses the results of two bond auctions, RIKB 38 0215 and RIKS 29 0917, highlighting the total amounts allocated, bids received, and yields associated with each auction [1]. Auction Results Summary - **Total Amount Allocated**: RIKB 38 0215 allocated a total of 380 million, while RIKS 29 0917 allocated 4,107 million [1]. - **Bids Received**: RIKB 38 0215 received 4 bids totaling 480 million, and RIKS 29 0917 received 14 bids totaling 4,307 million [1]. - **Successful Bids**: RIKB 38 0215 had 3 successful bids, all allocated in full, while RIKS 29 0917 had 12 successful bids, also all allocated in full [1]. - **Yield and Price**: The lowest price and highest yield for RIKB 38 0215 were 102.105 and 6.240 respectively, while for RIKS 29 0917, they were 101.181 and 3.160 respectively [1]. - **Weighted Averages**: The weighted average price/yield for successful bids in RIKB 38 0215 was 102.341 / 6.220, and for RIKS 29 0917, it was 101.222 / 3.148 [1]. - **Bid to Cover Ratio**: The bid to cover ratio for RIKB 38 0215 was 1.26, indicating a strong demand, while RIKS 29 0917 had a ratio of 1.05, suggesting moderate demand [1].

Market Trends - Demand surged to a year-high at Poland's local-currency bond auction [1] - The quarter could be record-setting for offerings due to a widening fiscal shortfall [1]

Bond Auction Analysis - The US 30-year long bond auction was considered "pretty good," indicating reasonable demand [1] - Yesterday's 10-year auction saw historically low dealer leftovers, suggesting strong investor demand [2] - Today's 30-year auction saw investors taking 90%, indicating aggressive demand for long-dated US Treasuries [3] - Demand for US Treasury auctions is currently more aggressive compared to other G7 nations [4] - Smaller dealer takedowns at auctions are preferable, indicating strong investor participation [4] Debt and Deficit Concerns - The US is paying $1.1 trillion in interest on its debt [6] - High debt servicing costs are taking a significant amount of money out of the US economy [7] - Despite debt concerns, the US economy shows positive aspects, with the Dow performing well [7] Investment Strategy - Older Americans with substantial 401ks should be cautious about aggressive equity allocations [8][9] - A transition from equities to fixed income is recommended while equity markets are still strong [9]

Summary of Key Points Core Viewpoint - The auction for RIKB 32 1015 bonds resulted in a total allocation of 11.6 billion, with a competitive yield of 7.130% [1]. Group 1: Auction Details - The settlement date for the bonds is set for July 8, 2025 [1]. - A total of 13 bids were received, amounting to 14.6 billion [1]. - Out of the bids received, 9 were successful, with all of them allocated in full [1]. Group 2: Pricing and Yield - The lowest price awarded was 99.234, corresponding to the highest yield of 7.130% [1]. - The highest price awarded was 99.289, with the lowest yield at 7.120% [1]. - The weighted average price of successful bids was 99.274, with a yield of 7.120% [1]. Group 3: Bid Metrics - The weighted average of all bids received was 99.195, with a yield of 7.140% [1]. - The bid to cover ratio was recorded at 1.26, indicating a healthy demand for the bonds [1]. - Approximately 100% of the bids were allocated partially, reflecting strong interest in the offering [1].

Core Viewpoint - Jyske Realkredit is set to conduct auctions on May 27, 2025, for refinancing loans in cover pool E, offering a total of DKK 22 billion in bonds [1][10]. Auction Details - The auction will feature two types of bonds: Var. 422.E.OA Cb3.ju29 RF with an amount of DKK 14 billion and Var. G422.E.OA Cb3.ju29 RF with an amount of DKK 8 billion [1]. - The auction will take place from 10:00 to 10:30 for the first bond and from 11:00 to 11:30 for the second bond, with allocation expected shortly after [1][7]. Bidding Process - Bids must be made in multiples of DKK 1,000,000, with specific decimal accuracy depending on the bond maturity [5]. - For bonds with interest rate triggers, the sale is conditional on no increase in interest rates exceeding 5 percentage points [5]. Allotment and Settlement - All bids above the cut-off price will be fully settled, while proportional allocation may apply for bids at the cut-off price [6]. - The value date for all trades executed at the auction will be July 1, 2025 [8]. Reverse Facility - A reverse facility will be available for participants needing bonds after two days, allowing for the sale and subsequent repurchase of allotted bonds [9][10]. - The size of the reverse facility will be determined individually but cannot exceed the amount allotted to each bidder [10]. Technical and Regulatory Considerations - The auction will be conducted through Bloomberg's auction system, and any technical issues will be communicated via a stock exchange announcement [4][11]. - Jyske Realkredit is not obligated to sell the announced offering, which may be subject to changes or postponements [12][13].