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SMRA analyst Nancy vanden Houten.....>

US TSYS/SUPPLY
US TSYS/SUPPLY: SMRA analyst Nancy vanden Houten said today's "Treasury's
refunding press briefing didn't really add anything new to what was announced
earlier this morning. Reporters asked Treasury about the status of ultra-long
bonds. Officials gave a standard answer: that Treasury is still reviewing
ultra-longs in the context of its goal to fund debt at the lowest cost to the
taxpayer."
- She adds that "after a lukewarm review of the idea from dealers earlier this
year, we think ultra-longs are on a back burner for the foreseeable future."

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