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Treasury 30-Year Bonds May Yield 2.880% at Offering, Survey Says

The Treasury’s $13 billion sale of 30-year bonds may draw a yield of 2.880 percent, according to the average forecast in a Bloomberg News survey of eight of the Federal Reserve’s 21 primary dealers.

The securities, which mature in August 2042, yielded 2.880 percent in pre-auction trading. Bids are due by 1 p.m. New York time. The yield at the Sept. 13 long-bond auction was 2.896 percent. The record-low auction yield was 2.580 percent in July.

The September offering’s bid-to-cover ratio, which gauges demand by comparing the amount bid with the amount offered, was 2.68, versus with an average of 2.65 at the past 10 sales.

Indirect bidders, a class of investors that includes foreign central banks, bought 38.7 percent of the bonds at the September sale, compared with 36.7 percent at the August auction. The average for the past 10 offerings is 33.2 percent.

Direct bidders, non-primary-dealer investors that place their bids directly with the Treasury, purchased 12.4 percent of the securities at last month’s sale, less than the average 15.1 percent at the past 10 auctions.

Thirty-year bonds have returned 2.5 percent this year, compared with a 2 percent gain in the broader U.S. Treasuries market, according to Bank of America Merrill Lynch indexes.

The auction is the last of three Treasury note and bond offerings this week totaling $66 billion. The U.S. sold $21 billion of 10-year debt yesterday at a yield of 1.7 percent and auctioned $32 billion of three-year notes on Sept. 11 at a yield of 0.346 percent.

The sales will raise $26.7 billion of new cash as maturing securities held by the public total $39.3 billion, according to the Treasury.

Primary dealers trade government securities with the central bank and are obliged to participate in Treasury sales.

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