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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS
20-Year Bonds are underperforming on the curve after the Refunding announcement - see chart of 10s-20s-30s fly.
- There had been some anticipation that 20s auction sizes would be cut, so the lack of adjustments is a (very modest) negative surprise from a supply perspective.
- The lack of significant progress on buybacks is also a factor: buybacks were seen by some analysts as helping 20s in particular, with some of the off-the-run 20Y issues prime candidates for buybacks (thus helping the liquidity in the sector).
US 10s20s30s Butterfly, Intraday (bp)Source: BBG, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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