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On Long End Pressure

US TSYS

Sources reporting large scale seller on screen in old bonds,
medium clips reloading. "The way the curve is steepening"
in "sloppy" early trade, is an indicator of incoming corporate
deals, one desk said. Indeed, after a lag the last couple weeks,
issuance estimated at $30B next week. Meanwhile, Ultra-bonds
have "been trading well on the curve, thanks to the 20Y tightening and the Fed's buy focus on '44 to '47 paper in their buybacks," the
desk added, with "good sized seller of '45's vs 30's the past two days to take advantage of the richness."

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