A tight re-open for T-Notes +0-03+ at.......>

US TSYS: A tight re-open for T-Notes +0-03+ at 129-29+.

- Brexit was again the focal point during Tuesday trade, with the ultimate

defeat of the government's proposed timetable making another Brexit delay more

likely (even though the deal itself was voted through the Commons). T-Notes were

bid into the NY close as a result, going out at highs, after a knee jerk lower

as the deal itself passed the Common's vote.

- The curve was a touch flatter on the day, yields ~2-4 bp richer across the

curve come the close.

- The latest 2-Year auction stopped through by ~1.2bp, with the cover ratio

virtually steady, and little movement in the takedown dynamics, allowing some

modest outperformance of 2s vs. 5s and 7s, with supply maybe supported by demand

pre-Fed decision.

- 2-Year FRN & conventional 5-Year supply headline the local docket Wednesday.