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T-Notes finished Monday marginally.....>

US TSY/RECAP
US TSY/RECAP: T-Notes finished Monday marginally higher, with the short end
underperforming in cash trade, edging lower, with a less than inspiring 3-Year
Note auction failing to attract much interest. 
- The cash curve flattened on the day.
- The latest auction tailed by 0.3bp, as the cover ratio held steady (slightly
below the recent average), while direct participation fell to a meagre 3%.
Dealer participation and indirect takedown edged higher.
- Not a lot of trade flow in the lead-up to Tuesday's Mid-term elections,
implying markets have priced in/already positioned for a split Congress.
- T-Notes last 118.03+, U.S. 10-Year cash Tsy yield closed at 3.201%.
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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