The biggest star was the 30-year Treasury bond, which registered a 35% return, while the benchmark 10-year note gained 17%, with the yield finishing below 2% for the first time since at least 1977.

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Bond spreads have already registered the fact that in the world of developed nation sovereign debt, we are middle of the pack, not riskless Olympian gods.

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Whenever such a bond occurred, the tip experienced a downward force which was registered by the microscope.

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The offering coupon on the bond, which is the yield the government agreed to pay on the debt when it registered the issue with the market, was 4.875% before high demand brought the yield to its lowest ever.

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