Cantor Fitzgerald analyst Justin........>

US TSYS/10Y: Cantor Fitzgerald analyst Justin Lederer said the US Treasury "will

auction $20Bln 10-year notes at 1PM" in "the first re-opening of the 2.25%

8/15/27" 10-year, which will "bring the issue's size to $43Bln.

- He adds the Treasury market "has continued to trade with a heavy tone across

the curve." But he still expected "decent demand" at the 10-year note auction,

"especially after the sizable back-up from Friday morning's low yield print of

2.016%. We do not expect or believe much more of a concession is needed to

underwrite the issue."

- He said also that the 10-year note, "after trading as special as -3.50% in RP

overnight midweek last week, has loosened up and is now trading around -0.10%."