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BMO analyst Aaron Kohli said today's.....>

US TSYS/3Y
US TSYS/3Y: BMO analyst Aaron Kohli said today's $24B Treasury 3Y note auction
"will be received close to the screws as there's not a compelling value argument
for 3s, and foreign flows appear to be slowing even as holdings remain high.
We're more or less neutral on 3s here, and would look for a selloff to add.
Flows are decent into the product recently but not stellar and we'd like cheaper
levels before buying given how little is priced for the Fed in the next year." 
- He adds that "foreign buying remains a large part of 3-year demand with
foreign investors averaging 26% over the last three auctions and 21% over the
last six. That suggests good demand, though foreign flows from some quarters
have slowed in the last few weeks, implying that this factor may not hold up as
well." 
- He said 3Y notes have "cheapened up a bit on the 2s/3s/5s fly, with much of
that occurring against the comparatively rich 5-year part of the curve. 3s still
look somewhat rich to 2s but we may see a cheapening there if optimism around
the Fed path builds a bit."

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