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A quiet re-open for T-Notes. - Tsy yields...>

US TSYS
US TSYS: A quiet re-open for T-Notes.
- Tsy yields remained on the back foot on Wednesday, with the belly of the curve
leading, as futures volume moved back to normal levels after the Easter weekend.
- Aussie bonds and then Bunds provided the lead for Tsys in the Asia & European
sessions, driving an early bid on their respective soft local data prints. Block
buys in FVM & USM allowed the rally to keep moving in the NY morning, before the
move higher was consolidated in the afternoon.
- There was talk of real-money demand across the belly of the curve (potentially
representing longs being added owing to the Japanese holidays).
- The latest 5-Year auction stopped on the screws, with both indirect
participation and the cover ratio edging higher.
- T-Notes last 123.16+, U.S. 10-Year cash Tsy yields closed at 2.518%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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