### POV, With % complete still in....>

US TSY FUTURES: ### POV, With % complete still in single digits, Dec to Mar

futures roll will start picking up in earnest ahead first notice date November

30. December future's staggered expiration on December 19 for 10s, 30s and

Ultras, and December 29 for 2s and 5s. RBC outlines their view of Tsy futures

roll from Dec'187 to Ma'18 quarterly futures across the curve. With the

exception of 10Y-ultras and 2Yr note futures, RBC recommends selling Dec vs.

March across the balance of the curve. Specifically:

* WNZ/WNH: roll long Dec positions early due to "asset manager long position";

* USZ/USH: roll long Dec positions early due to "asset manager long position";

* UXZ/UXH: buy Dec vs. Mar "based on relative value of the CTD";

* TYZ/TYH: roll long Dec positions early due to "asset manager long position"

amid "considerable switch probability in March...which may affect valuation."

* FVZ/FVH: roll long Dec positions early due to "asset manager long position";

* TUZ/TUH: buying Dec vs. Mar, RBC anticipates "significant selling pressure ...

as a short March TU vs OIS is likely to be very popular" in "post-debt ceiling

surge in Tsy supply."