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Additional rate flow included real$....>

US TSY FLOWS
US TSY FLOWS: Additional rate flow included real$ buying in the intermediates,
misc acct selling in the long end exacerbated late curve steepening as
underlying month end support evaporated. Potential for massive jump in corporate
issuance next wk w/estimates running over $50B generated some late spec selling,
Note, Cigna planning over $22B jumbo issuance to help finance acquisition of
Express Scripts. Cigna issuance would put it in the top 5 all-time largest
issuance, with potential to move markets as hedges are entered/unwound depending
on market liquidity in lead up to/post issuance. 

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