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T-Notes bid from the restart, +0-08+ at.....>

US TSYS: T-Notes bid from the restart, +0-08+ at 130-06, with the upside impetus
provided by the latest BBG sources piece re: the trade war which noted that "the
White House is holding off on a decision about licenses for U.S. companies to
restart business with Huawei Technologies Co. after Beijing said it was halting
purchases of U.S. farming goods, according to people familiar with the matter."
- The contract stuck to the fairly wide range set in Asia-Pacific hours during
Thursday's European morning before a RTRS sources piece did the rounds in early
NY hours suggesting that Germany is mulling a 'u-turn' in fiscal policy,
considering new debt issuance to finance a climate protection package. This
resulted in fresh intraday lows before the subsequent denial alleviated some of
the pressure. A degree of concession then crept in to make room for the latest
round of 30-Year supply, pressing T-Notes to worst levels. While a tail was
apparent at auction (1.2bp) it was narrower than feared, as the cover ratio
printed in line with recent averages and dealer participation eased. This
allowed a rally to build, with the latest escalation in the Italian political
saga providing a further bid, leading to the curve twist flattening on the day.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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