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Following are U.S. Treasury benchmarks and their clean prices on September 4, 2020: Notes/ Bonds CUSIP Maturity Date Coupon Rate Price (decimals) 2-Year 91282CAG6 08/31/2022

Following are U.S. Treasury benchmarks and their clean prices on September 4, 2020:

Notes/ Bonds

CUSIP

Maturity Date

Coupon Rate

Price (decimals)

2-Year

91282CAG6

08/31/2022

0.125%

$99.9609

3-Year

91282CAF8

08/15/2023

0.125%

$99.8516

5-Year

91282CAJ0

08/31/2025

0.250%

$99.7539

7-Year

91282CAH4

08/31/2027

0.500%

$99.9766

10-Year

91282CAE1

08/15/2030

0.625%

$99.1016

20-Year

912810SQ2

08/15/2040

1.125%

$97.6640

30-Year

912810SP4

08/15/2050

1.375%

$97.6328

On the same day, the following trades were executed:

Issuer

Issue

Price (decimals)

Time Warner Inc.

TWX 6.5 11/15/2036

124.3545

McCormick & Co. Inc.

MKC 4.2 8/15/2047

126.8055

Goldman Sachs Group Inc.

GS 3.25 4/01/2025

110.883

IBM Corp

IBM 7 10/30/2045

156.545

GE Capital International Funding

GE 4.418 11/15/2035

102.9675

Based on the above, assuming that all bonds pay semiannually and that yields are annual yields, complete the following table:

Issue Yield (%) Treasury Benchmark Benchmark Yield (basis-points) Spread to Benchmark (basis-points) Yield Ratio
TWX 6.5 11/15/2036
MKC 4.2 8/15/2047
GS 3.25 4/01/2025
IBM 7 10/30/2045
GE 4.418 11/15/2035

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