- Buyers had a pay a big premium for the 1.00% coupon rate, about $110.67 for $101.65 of value, when accrued inflation is added in.
- The inflation breakeven rate came in at about 1.83%, 31 basis points higher than at the originating auction in February.
- The trend in breakeven rates indicates rising expectations for inflation.
Not a great rate, but who know, maybe in the future it will turn out to be a good deal. I’m not a buyer of this one.