1.   Another potential pitfall is the lack of a five-year cash bond on which to price the contract.

2.   Because of the leverage, this would result in a substantially larger gain than would be possible in trading cash bonds.

3.   Bonds also got a boost as market participants bought cash bonds to deliver against the soon-to-expire September futures contract, traders said.

4.   A narrowing basis typically means cash bonds are falling less than bond futures.

5.   A narrowing basis typically means cash bonds are rising less than bond futures.

6.   A narrowing basis typically means cash bonds are falling more than bond futures.

7.   A widening basis typically means cash bonds are rising less than bond futures.

8.   A steady basis typically means cash bonds are rising or falling as much as bond futures.

9.   A widening basis typically means cash bonds are falling less than bond futures.