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### Adding to last week's massive....>

US TSY FUTURES
US TSY FUTURES: ### Adding to last week's massive cross-asset spread trade:
Betting on Tsy ylds to decline relative to Germany. 
* Regarding this morning's large buy/blocks in FVM futures (34.675k from
113-11.5 to 113-12.5) is likely adding to a block sale in Jun Bobl futures
(6,831 at 130.92, see 0907ET bullet). As a reminder, last week saw a MASSIVE
steepener block in Tsys 
* +100,174 FVM 113-10.5
* -63,887 TYM 119-03
This occurred around same time as Massive flattener in Bunds/Bobl
* -65,360 OEM8 at 130.61
* +29,150 RXM8 at 157.81
A look at open interest after last week's cross asset mega-blocks had the
following:
* FVM open interest +113,893, TYM -15,665
* OEM open interest +33,626 , RMX -18,890. In other words...buying FVM vs.
selling OEM, today's Blocks are an add to this play.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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