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FTN Financial's Jim Vogel said that......>

US TSYS/2Y
US TSYS/2Y: FTN Financial's Jim Vogel said that "in classic auction terms, this
one didn't go that well. It awarded at 1.596% vs a WI bid of 1.594% that came in
almost 0.5bp in the closing 10 mins before the sale. Award at the high yld was
82.7% and bid/cover of 2.74x was worst in 7 months."
- He added that "dealer ownership at 37.7% near the 2-month avg and manageable,
but 2s and 3s have to soften to distribute that allocation. Indirects remain
well down from the mid-50s they used to see in 1H 2017. Directs were average."

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