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Another Reversal, Bonds Weaker on Issuance

US TSYS
Support for bonds evaporated after the annc of Apple 4pt issuance ($8.5b issued last year, could easily crest that today on better terms), not to mention other issuers (Humana, NY Life).
  • Issuance expected to increase w/FOMC in rearview and as companies exit earnings blackout. Stronger equities helping risk appetite (ESU1 +10.0)
  • Tsys had gapped higher post data, some desks initially citing GDP miss. Others said GDP was misleading as "as all inventory drawdown" related.

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