BMO analysts however do caution on......>

US TSYS/30Y: BMO analysts however do caution on 30Y auction that "positions

continue to correct but are still somewhat long. While US contracts have

shortened up further, the WN contract is still on the long side of recent

history."

- They add "stats for the last six auctions are very negative with only one stop

through and one stop on the screws. Every other auction tailed and we've had

only four stops through in the last year."

- They say too "low spreads to other currencies offers less of an immediate

incentive for foreign buyers. Foreign stats have, as a result, been very low

with the average of the last six year auctions at just 9% and the last three

averaging around 6.8%."

- And "outright yields are still below the August refunding and are the lowest

we've seen at a reopening since before the Trump election" in Nov. 2016, they

said.