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***Leading into the German Schatz auction.....>

BONDS
BONDS: ***Leading into the German Schatz auction cut-off at the bottom of the
hour, the Bund is rallying well, although the Schatz contract is lagging. 
- If this move gains momentum and the US curve gets sucked in keep an eye on the
US 5-10Y spread, which has sunk to 10Y lows. This 5-10Y flattening is far more
aggressive than what is happening to the 2-5Y and this morning we noted a decent
sized 5-8-10Y swap flow (receiving the belly).

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