*** Generally quiet rebound in......>

US TSYS SUMMARY: *** Generally quiet rebound in rates after Wed's heavy

sell-off, levels off first half highs by the close.

- US$ index weaker/near session lows (DXY -.223, 89.777); equities higher but

well off midday highs (emini +9.0, 2707.75 vs. 2731.0H); gold higher (XAU +6.22,

1330.75); West Texas crude firmer on drop in EIA inventory lvls (WTI +0.91,

62.59).

- Little to no  market react to various Fed speakers on day, Fed Williams,

Mester and Rosengren at separate events Friday.

- Tsys held steady/higher levels after $29B 7Y auction tailed slightly at 2.839%

rate vs. 2.832% WI (previous $28B 7Y stopped through to 2.565%).

- Swap spds tighter across the curve, short end leading move all session while

intermediates make good second half attempt to catch up on back of decent

swappable issuance on day.

- Ongoing heavy March/June roll activity, near 1M total in both FVH/FVM and

TYH/TYM rolls late.

- Late ylds: 2Y 2.254%, 3Y 2.417%, 5Y 2.659%, 7Y 2.837%, 10Y 2.921%, 30Y 3.206%