BMO analyst Ian Lyngen said the Tsys.....>

US TSYS/5Y: BMO analyst Ian Lyngen said the Tsys market "has rallied again, led

by 5Ys" after today's $34B 5Y auction "stops through 0.8 bp," and proved "strong

with large non-dealers" buying. "This afternoon's 5-year auction was strong with

a stop-through of 0.8 bp and non-dealer bidding of 82.5% vs. 71.7% average," he

said. "The 5-year auction stops at 1.742% vs. 1.750% 1 PM WI bid." 

- He adds that "dealers were awarded 17.5% vs. 28.3% average 5-year auctions"

while "indirects get 69.1% vs. 64.7% norm" and "directs take 13.5% vs. 7.1%

average." He cited also that the Bid/Cover "was 2.53x vs. 2.43x average."