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Nomura N.American head of rate.....>

US TSYS/RESEARCH
US TSYS/RESEARCH: Nomura N.American head of rate research George Goncalves eyed
the Aug. TICS data on foreign demand for US Treasuries, and said that "aggregate
foreign UST demand was up slightly to $11.5bn (vs -$0.5bn prior). However,
demand remains weak for most countries, especially considering the bond rally in
August."
- He said that "Europe added $7.7bn in total" in Tsys "(but was down from
$23.5bn in July), largely from UK flows of $11.1bn. Asian buyers added $6.1bn
USTs. But the distribution was not proportional as Japan sold -$4.5bn (largest
outflow in the past 4 months), while China bought $18.6bn (z-score of 1.60, the
second-largest since July 2015 with two of the largest flows happening in the
recent 3 months)."
- MNI reported the Mainland China holdings of Tsys were 19.1% of total (vs.
18.7% July) while Japan was 17.6% of Tsys total (vs. 17.8% July.) 

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