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Schatz Sep 1x2 Put Spread Buyer

US TSYS/2Y
US TSYS/2Y: CIBC head of N.American rates strategy Ian Pollick noted there is
"accelerated supply" in US Treasuries, as the "holiday shortened-week is behind
us and the calendar heats up considerably today. Prominent will be the dual 2yr
and 5yr auctions being held" at 11:30am ET and 1pm ET today, respectively, he
said.
- He adds that's a "lot of supply to take down right after the holidays, and we
are inclined to view 2s as being the tougher offering, given the technicals and
proximity to a hike. Meanwhile, 5yrs remain rich in repo and a re-think over
r-star and the path to get there make 5s look a bit more interesting than the
front-end."