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BMO analysts Aaron Kohli and Ian........>

US TSYS/10Y
US TSYS/10Y: BMO analysts Aaron Kohli and Ian Lyngen said Tues $24B 3-year Tsy
auction "was well received with a 0.8 bp stop-through for a yield of 1.52%.
Bid/cover was 3.13x vs. 2.80% average. Dealers took 25.8% vs. 37.1% norm.
Indirects were particularly strong at 64.1% vs. 54.6% average."
- They said action "was more consistent with a supply concession than a change
in tone or direction. The test of 2.25% in 10s and the failure to move toward
lower yields also highlights the notion that the move simply expanded the
trading range versus embarking on a materially different tack." They said that a
"3bp selloff for a refunding week still strikes us as mild, especially given the
strong jobs report on Friday. The impressive 3-year auction, which
stopped-through 0.8 bp, also emphasizes demand from investors at these yield
levels."
- They add Wed $23B 10Y sale may "draw strong demand as well and we would only
be further encouraged by any overnight selloff that builds in a concession."
They expect "significant" overseas sponsorship Wed as "foreign bidders typically
take" 25% "of new 10s."

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