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The overnight repo market....>

US TSYS/OVERNIGHT REPO
US TSYS/OVERNIGHT REPO: The overnight repo market on Monday saw the U.S.
Treasury 5-year note continue to tighten in early anticipatory action heading
into the late-month 2/5/7-year note auctions. Meanwhile, the 10-year note also
developed a mild bid too.
- The 5-year note initially traded tight at +0.19% but has since tightened to
0.05%, said traders. Meanwhile the 10-year note early on traded at negative
rate, specifically -0.10%, but recently widened out a lot to trade at +0.39%.
"There is some positioning: they are catching a bid in the term market," said
one traded; he noted that the 10-year note to the Dec. 15 term date traded very
tight at -1.00%. The Treasury General Collateral rate meanwhile traded at 1.17%.
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