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Reversing Mon's Risk Aversion Move

US TSYS SUMMARY
Tsys held broadly weaker but off session lows after the bell late Wednesday, bonds all the way back to last Friday's levels while equities completely erased Monday's rout as well, ESU1 marking 4348.0 in late trade.
  • No data to trade off of, Tsys took risk-on cues from higher global equities and softer EGBs and Gilts overnight.
  • Tsys extend session lows after weak $24B 20Y auction re-open: drawing a high yield of 1.890% (2.120% last month) vs. 1.877% WI. Bid-to-cover 2.33 vs. 2.40 in June. Indirect take-up to 60.16% vs. 62.07% in June (58.77% 5M avg). Primary dealer take-up climbs to 20.91% vs. 22.60% 5M avg. Direct take-up 18.94% vs. 18.63% 5M avg.
  • Moderate corporate issuance generated some two-way hedging on the day while Eurodollar futures say ongoing swap-tied flow in Greens (EDU3-EDM4).
  • Focus turns to Thu's weekly claims (350k est vs. 360k prior, continuing claims (3.100M est vs. 3.241M prior).
  • The 2-Yr yield is up 0.6bps at 0.2057%, 5-Yr is up 4.5bps at 0.7298%, 10-Yr is up 6bps at 1.2817%, and 30-Yr is up 5.2bps at 1.9295%.
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