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Rates Well Off Pre-Open Highs

US TSYS SUMMARY

Rates surged higher in the lead-up to the NY open, risk-off largely driven by a new new virulent strain of COVID-19 reported in in south-east England and London, coupled w/lack of substantive progress in BREXIT negotiations.

  • Tsys held well off late overnight highs while equities reacted negatively to midmorning headline: "U.S. MISSILE-FIRING SUBMARINE ENTERS PERSIAN GULF, NAVY".
  • That said, risk-off bid for rates gradually evaporated, extending session lows into late trade after Congress released details of stimulus spending bill to be voted on Monday night. Yield curves held flatter levels amid moderate buying/position squaring after the bell.
  • Better 20Y Bond Auction Re-Open: US Tsy $24B 20Y bond auction re-open (912810ST6) stopped through with high yield of 1.470% (1.422% last month) vs. 1.478% WI, on a bid/cover 2.39% (2.27% previous).
  • The 2-Yr yield is unchanged at 0.121%, 5-Yr is down 0.2bps at 0.3798%, 10-Yr is down 0.8bps at 0.9379%, and 30-Yr is down 1.3bps at 1.679%.
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