Paramount bond supply looms, U.S. Treasuries extend bear steepening.

The long end of the U.S. Treasury yield curve remained under pressure, with spreads widening further after it was confirmed that Paramount will issue an eight-tranche bond deal expected to price on Wednesday. Paramount plans to raise approximately $32 billion through the offering, making it one of the largest deals of its kindissuing eight tranches of first-lien dollar-denominated bonds with maturities ranging from 2 to 40 years. On the day, the 30-year U.S. Treasury yield fell nearly 3 basis points, touching 5.59% intraday, a new high since 2004; both the 5s30s and 2s10s spreads were near their widest levels of the day, widening by 1.2 basis points and 1.5 basis points, respectively.