[Demand for U.S. 30-year Treasury bond issuance is lower than expected, and the winning bid yield is higher than pre-issuance levels] On November 13, the winning bid yield for the $25 billion 30-year U.S. Treasury bond issuance was 5.441%, which was higher than the pre-issuance trading yield of 5.437% when the bidding deadline at 1 p.m. New York time, indicating that demand was lower than expected. At that time, the yield of government bonds of that period rose by about 9 basis points during the day, and this decline was maintained after the issuance results were announced; the difference between the yields of 5-year and 30-year government bonds expanded slightly, but still narrowed by about 4 basis points during the day. The allocation ratio for primary dealers was 11.4%, which was higher than the previous issuance; the allocation ratio for indirect bidders dropped to 68.1%, and the allocation ratio for direct bidders was 20.5%. The bid-to-bid ratio was 2.36 times, and the average of the past six new debt issuances was 2.37 times.