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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 1
MNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 2
MNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 3
After Wednesday's Tsy refunding.............>
US TSYS: After Wednesday's Tsy refunding announcement which saw $1bln supply
increases across the maturity spectrum, with 2s & 3s set to increase by a
further $1bln/month over the next 2 months, TD expect auction sizes to continue
increasing in the coming quarters i.e. supply increases at the August, November
and February 2019, with 2s, 3s, & 5s increasing by $1bln/month, while they
expect that FRNs, 7s, 10s & 30s will increase by $1bln/quarter.
- TD believe that "this should increase term premium and put upward pressure on
rates, all else being equal."
- As a result they remain short 2-Year Tsys vs. OIS.
- TD exp. the Tsy to announce a new October 5-Year TIPS in August, but this will
require some modifications in the current auction calendar. TD exp. the second
5- & 30-Year re-openings to be scrapped, steepening the 5s30s BE curve. Despite
increased coupon issuance, TD believe that the Tsy is "likely to lean heavily on
bill supply again in FY2019. Bill issuance & higher USD funding needs due to
repatriation should continue to keep FRAOIS wide."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.