- Prior was 3.115%
Just before the sale, 30 years were trading at 3.11% in the cash market and 3.095% in the when-issued, which about 10 bps lower than 2s. You gotta be awfully worried about reinvestment risk to be buying the long end here.
The tail of 1.1 bps is a big one and could keep yields moving to the upside.
