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SocGen's Shakeeb Hulikatti on........>

US TSYS/SUPPLY: SocGen's Shakeeb Hulikatti on today's 11:30am ET $24B 3Y auction
that "the 3-year sector does not appear to have a clear setup for today's
auction from a relative-value perspective, with the current 3s trading fair on
asset swap and on the curve."
- He added that "other (auction) negatives include tails in two of the last
three auctions and the crowded calendar, with the 10y auction at 1pm ET and the
proximity to November's CPI print and the FOMC meeting."
- But he adds the 3-year note auction "will likely benefit from cheap outright
valuation, as the sector has cheapened by around 15bp since the last auction,
with the 3y benchmark yield now trading above the auction stops since April 2010
and dealers increasing their shorts in the sector."

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