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### Good demand should surface at Wed...>

US TSYS/10Y
US TSYS/10Y: ### Good demand should surface at Wed 1pm ET US$23B 10Y auction.
Traders anticipated also good Japanese and Chinese buying, with thinking such
buying helped out Tues strong $24B 3Y auction. While Tsys 10Ys do not have much
price concession after the overnight safe-haven rally on N.Korea worries, some
traders felt that the safe-haven bid might help the 10Y auction.
- Japanese accts feel US economy will bump along near-term so the Fed may be on
hold, so they are buying reportedly including Japanese Post Bank (Kampo) and
mega-banks, said traders. Japanese accts did good buying in Tsys in most recent
week as Japanese MOF data showed net buyers of foreign bonds of Y106.70
(US$9.6B). On related note, Japanese accounts such as Kampo (Japanese Post Bk)
and Jpn mega-banks like the 7-year note to 10-year notes, said traders. 
- Chinese demand is expected as China foreign exchange reserves and Treasuries
holdings are both growing, said traders, and "they tend to buy the whole curve"
in Treasuries, taking a dollop at each maturity.  
- Others expect Europe bid as Tsys are cheap, and offer more yield vs Europe for
yld-starved investors.

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