allables over same-maturity bullets so 45 40 bP sane Dallad SIM —5NC3M —3NC3M —2NC3M Research Analyst Berms vs. Euro calls history IS bp Sang Punch, am* The left table below shows new issue coupons, picks to bullet, and Berms vs. Euros, along with their respective lm and 3m averages and z-score