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J.P.Morgan Believe 20-Year Supply Will Require Some Concession

US TSYS

J.P.Morgan note that Thursday will see the Treasury "auction $24bn reopened 20-Year bonds, unchanged in size from the last reopening auction in April. 20-Year yields have declined by 21bp since the May auction and are trading at the lowest levels since late February. And though along the curve the 20-Year sector appears roughly 2bp too cheap after adjusting for the curve and yield levels, the sector is not as cheap as it traded in late-February and early March when volatility was elevated. Additionally, liquidity conditions in the 20-Year sector have not fully normalized since the end of February: 20-Year market depth has lagged the improvement in the 30-Year sector. Given this backdrop, and that risk appetite is likely to remain muted ahead of the FOMC meeting on Wednesday, we think tomorrow's auction will require a concession to underwrite smoothly."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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