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T-Notes hold a tight range in early Asia....>

US TSYS
US TSYS: T-Notes hold a tight range in early Asia after going out near Monday's
lows, last -0-01+ at 138-19+.
- A positive session for equities pressured the contract on Monday, with the
curve bear steepening, and a focus on the net positive developments re: the
global fight against COVID-19. Pre-auction action set up ahead of a front-loaded
coupon bearing Tsy supply schedule, in addition to broader $ issuance also
applied pressure, in a session that was generally light on volume. The 2- &
5-Year auctions stopped through their respective WI yields, with above average
cover ratios noted, as dealer takedown undershot the recent averages. This
supported the shorter end/belly, building on the steepening theme, and allowed
T-Notes to edge away from session lows, before moving lower again into the
close.
- 3-Month LIBOR OIS held above 30bp, despite the latest set lower for 3-Month
LIBOR.
- EDM0 outperforms again post settlement, +1.5, with the remainder of the whites
and reds virtually unchanged.
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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