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Mild Tsys improvement seen but the......>

US TSYS/30Y
US TSYS/30Y: Mild Tsys improvement seen but the action is rather muted after a
good 30Y auction. 
- FTN's Jim Vogel said the 30Y bond "avoided the trap that snared 10s yesterday
and awarded right in line with expectations at 2.818%. That's where the WI was
30 mins ago vs the 2.822% immediately prior to the sale. Bid/cover of 2.32x much
better than May's refunding and in line with a typical reopening. Tender at the
high was a reasonable 67.7% given the small stop. Dealers got 27.8%, below avg
as indirects hit 66.8% for the best participation in 2yrs."
- He adds that "all things considered, an auction that leaves UST sentiment just
a bit firmer than it started."

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