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USDJPY TECHS

Range Base Holds Firm

US EURODLR OPTIONS

BLOCK

PIPELINE

$8B Debt Issuance to Price, $3B Egypt 3Pt Leads

EURGBP TECHS

Sharp Retracement

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The next Treasury supply announcement is Thursday, September 2, estimated total at $120B over 3s, 10s and 30s over the shortened post-Labor Day holiday week.

Morgan Stanley analysts note "total coupon issuance (new 20y, 30y TII reopening, new 2y, 5y, 7y) settling at the end of August is an estimated $218bn versus $8.3bn coupons and $110.5bn redemptions, resulting in net issuance of $99.2bn."

August auction performance improved after a uniformly weak July. Only three tailed (5s, 7s and 30s) and modestly so, while the 30Y Bond saw its fourth consecutive tail. The 10Y Note was exceptionally strong followed by the 2Y.

MNI_US_DeepDive_Issuance_Sep2021 (4).pdf