MNI BRIEF: China Supports Globalisation Despite Turbulence

MNI: PBOC Net Injects CNY11.0 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Lower At 7.1910 Tues; -1.46% Y/Y

MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: UK NOV BRC SHOP PRICES +0.2% M/M, -0.6% Y/Y

MNI: JAPAN OCT SERVICES PPI +2.9% Y/Y; SEPT REV +2.8%

EZ/UK T-Bill Calendar: 2/3-Month ATB Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Jun/Sep 30Y Roll Error Roils Long End

US TSYS SUMMARY
Hectic midday trade was book-ended by rather sedate trade through much of the first half and later in the second half Wednesday.
  • Tsys gradually inched higher through the first half, as did the greenback, USD index climbing back above the 90.00 and off yesterday's multi-month lows.
  • No substantive data, focus was on rolling Jun/Sep quarterly Tsy futures ahead Fri's first notice when Sep takes lead, and the $61B 5Y Note auction.
  • Complete debacle in 30Y roll around 1220ET saw spd gap up to 2-26 high on appr 16,300 -- since adjusted by exchange: all spds from 1-26.25 to 2-26 adjusted to 1-26.25 (new session high). While the spd looks to set around 1-19.25, there were appr nine 30k clips that traded at 1-18.25 AFTER the gap bid. Unintended consequence of fat finger: bonds extended session highs briefly after the error but quickly retraced, trading lower in last hour. It also appears more spds traded than needed rolling: % complete appr 108% according to CME site. B
  • The $61B 5Y note (91282CCF6) auction traded through .7bp: high yield of 0.788% vs. 0.795% WI. Bid-to-cover highest since September 2020 at 2.49x vs. 2.33x 5 month average.
  • The 2-Yr yield is up 0.5bps at 0.1466%, 5-Yr is up 0.8bps at 0.7791%, 10-Yr is up 1.9bps at 1.5774%, and 30-Yr is up 1.8bps at 2.2654%.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.