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T-Notes happy to hold a tight range in......>

US TSYS
US TSYS: T-Notes happy to hold a tight range in early Asia dealing, with a
thinner liquidity, news flow light backdrop apparent, contract last -0-01+ at
138-29+. The first session of the week saw the contract unwind its early gains,
although it did manage to finish off of worst levels.
- Curve twist steepened on Monday, with a hefty IG issuance slate (headlined by
Apple's $8.5bn 4-tranche) in focus, while the Treasury noted that it expects to
borrow a record $2.99tn during Q220. The department assumes an end-of-June cash
balance of $800bn, and also said it expects to issue $3.7tn in net marketable
debt in the second half of the fiscal year, bringing total estimated debt
issuance to nearly $4.5tn in fiscal 2020.
- A recovery in U.S. equity indices and an uptick in crude also helped the
broader dynamic observed on Monday.
- A reminder that cash Tsys will be closed during Asia-Pac hours through
Wednesday, owing to a Japanese holiday, while a Chinese holiday will also limit
participation in the region on Tuesday.
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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