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A Touch Cheaper

US TSYS

T-Notes have drifted lower in early Asia-Pac dealing, perhaps (at least partially) linked to the downtick in Aussie bonds. The contract last sits -0-00+ at 131-19+, while cash trade has seen some twist steepening of the curve, with 10+-Year paper cheapening by ~1.0bp on the day. A reminder that there is plenty of local risk evident on Tuesday, with U.S. CPI, 30-Year Tsy supply and the latest Fed Tsy buying schedule all set to be released. Re: the latter, last week's comments from SOMA chief Logan have stoked speculation surrounding the potential for the Fed to lift the size of its 20-Year Tsy purchases, although around half of the initial Logan-inspired round of 20-Year outperformance (as measured by the 10-/20-/30-Year butterfly) has unwound.

  • Recent BBG headlines crossed noting that Tencent is set to increase its global medium term note program limit to $30bn (from $20bn, with ~$18bn currently outstanding), also proposing the issuance of a bond, although the tech giant doesn't give details/size re: the proposed round of bond issuance.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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