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T-Notes -0-10 at 131-08+, just off lows.....>

US TSYS
US TSYS: T-Notes -0-10 at 131-08+, just off lows. Yields 1.9-3.1bp higher across
the curve, belly underperforms. A recovery in Chinese equity markets weighed on
Tsys overnight (supportive factors outlined earlier). T-Notes had already edged
back from early highs on "too close to call" headlines re: the Democratic Iowa
Caucus (which you would have expected around the time it was noted). The event
itself was to put it lightly, a mess. RTRS ran comments from the regional party
arm, which noted that inconsistencies "were found in Iowa's democratic
presidential caucus results but it was simply a "reporting issue and tabulation
continues." Since then CNN source reports noted that "Presidential campaigns
have been told tonight to not expect any results from the Iowa caucuses until at
some point on Tuesday." Also worth noting that Monday saw the Tsy note that it
expects to borrow $367bn during Q120, USD22 billion less than prev. estimated.
Tsy expects an end Q1 cash balance of USD400bn (unch. vs. prev estimates).
- Flow-wise 5.0K screen clips lifted the TYH0 130.75 puts and sold the TYH0
131.00 puts overnight, although these were separate trades.
- Factory orders and final durable goods data due today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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