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JPM analysts Jay Barry and Jason.........>

US TSYS/3Y
US TSYS/3Y: JPM analysts Jay Barry and Jason Hunter noted the US Treasury "will
auction $24bn 3-year notes at 1pm" today, "unchanged in size from last month."
- "The October 3-year auction cleared 0.2bp cheap to pre-auction levels as
end-user demand held at below average levels," they said. "Foreign participation
rose 5.8%-pts m/m" in Oct to 20.6% "from its weak September level" of 14.8% "but
remained 1%-pt below its 6-auction average. Investment manager demand declined
modestly from the previous month to 39.5%."

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