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TD's Gennadiy Goldberg said that "the......>

US BONDS
US BONDS: TD's Gennadiy Goldberg said that "the vise is tightening" as "strong
demand for spread products amid a decline in USD SSA and GSE supply has created
further tightness in the sector this year. USD SSA issuance is running 17% below
2016 levels and GSE bullet supply has totaled just $34bn this year, a sharp
decline from $95bn in 2016."
- He adds that "these dynamics have notably tightened spreads in the sector,
allowing us to take off the IBRD-FNMA tightening trade we initiated in our model
portfolio early this year. While the trade has earned $115k due to spread
tightening, it lost $85k on a carry-adjusted basis due to the gradual nature of
the tightening. 

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