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/CORPORATES: And FTN's Jim Vogel said.......>

US TSYS
US TSYS: /CORPORATES: And FTN's Jim Vogel said trading flows "remain light today
relative to a 6bp move in rates in the US" on Friday. "The biggest change, as
expected, is an end to the selling that ruled after a week that absorbed a
record amount of duration from issuers," he said.
- He adds that "taking down all long Treasuries and corporates sapped capacity
to take advantage of higher yields on Friday, yields that now look much more
tempting. The selling onslaught should cool now that corporate spreads have
widened from the bottom. This morning's IG default index is wider by 0.5bp, as
global stocks are giving back some of their intra-day bounce from Friday."

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