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Policy
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Free AccessOnce more, with feeling: Treasury........>
US TSYS/2Y: Once more, with feeling: Treasury issues more US note debt today
with the 1pm ET US$34B 5Y note auction, following the earlier $26B 2Y auction.
- Treasury 5-year note is very tight in overnight repo, was -1.80% midmorning,
suggests good shorts already set in 5Y notes.
- BMO analyst Aaron Kohli expects a "fair reception with a small tail for the
5-year as the outright and relative concession along with the strong bid in repo
suggest demand, but the looming tax cut vote, the truncated auction schedule,
and sizable belly outflows keep pressure on the sector."
- He adds that "we would look to buy the sector, if it cheapens further and
would prefer to time that trade for next week."
- HISTORY: The Oct. 2017 $34B 5Y auction drew a 2.058% rate, and a 2.44
bid/cover, and 61.6% indirects, 11.1% directs and 27.4% primary dealers.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.