T-Notes finished Thursday near the.....>

US TSY/RECAP: T-Notes finished Thursday near the bottom of their tight range,

with the curve a touch steeper on the day, twist steepening noted. Short end

supported by the final ECB decision of 2018.

- The long end blipped off pre 30-Year auction lows, with the auction stopping

through by 0.2bp. The breakdown was encouraging, as the cover ratio moved

higher, falling back in line with recent averages, as dealer participation fell

on the back of a pickup in both direct & indirect participation.

- Flow included two-way positioning w/better selling in long end, some

cross-current hedging vs. Bunds and Gilts, Deal-tied paying vs. $3B UNH 4-part

issue; duration weighted 2s5s flattener block, carry-over rate paying in 2s-5s.

- The Eurodollar strip saw the white pack trading mixed, while reds through

golds traded steady to mildly higher. Worth noting net-long vol short Mar

Eurodollar put tree block followed up w/Green Mar put tree buy.

- Focus now turns to retail sales data due later Friday, ahead of next week's

FOMC MonPol decision.

- T-Notes last 120.07+, U.S. 10-Year cash Tsy yields closed at 2.913%.