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The market will have a two-part US.......>

US TSYS/5Y
US TSYS/5Y: The market will have a two-part US Treasury auction supply situation
on Wed: the $13B 2Y FRN reopening at 11:30am ET and then the $34B 5Y note
auction at 1pm ET. The 5Y note has been tight in the overnight repo for quite a
while, which should suggest good shorts in the issue. There could be some mild
month-end buying to aid the auction too.
- Also some leveraged accounts bought 5-year notes on Tuesday and did
flatteners. End-users did some 2Y note buying in other flows.

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