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US TSYS/3Y: Today's $24B 3Y note action "does not have a clear setup from a
relative value perspective," Soc Gen analysts said "with the current 3s trading
rich on the asset swap versus the old 3s and it is trading cheap on the curve
versus 2s and 5s." Compared to the "stop-out rates" of the last nine 3Y
auctions, the current 3Y yld is lower " making the auction rich on an outright
basis, which, along with the cut in dealers short positioning in the sector, is
a negative for the sector." Soc Gen does see some concessions building for
today's supply "which should help the auction takedown."