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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.