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Free Access### Good demand should surface at Wed...>
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.