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The Nomura analysts add on today's......>

US TSYS/30Y
US TSYS/30Y: The Nomura analysts add on today's 1pm ET US$15B 30Y auction that
the "valuation on the long end still looks rich, both on the curve and on ASW as
the liquidity premium lingers, helped by heightened expectations for financial
reform. Some retracement in risk-off sentiment on Wednesday and a general lack
of overseas support for the long end may also act as headwinds for the auction."
- But they also added that "on the other hand, positioning shows asset managers
continue to accumulate meaningful long-end futures positions, which might be
indicative of good demand for the 30yr from domestic money managers."

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