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Traders are cautiously optimistic....>

US TSYS/SUPPLY
US TSYS/SUPPLY: Traders are cautiously optimistic on 11:30am ET $13B 2Y FRN
reopening auction, where US and foreign demand is expected. Buyers may want to
grab it as the bill sector yields have risen, and it is priced at a discount
margin off such yields. Foreign central banks and US money market funds like the
issue, said traders. 
- "It's a good instrument if rates are going up," said one trader, hence the
potential demand; however the FRNs will cost Tsy more to sell as rates go up,
the flip side. 
- HISTORY: The $13B Aug. 2Y FRN opening had 6-bps discount margin, and 50.05%
indirects, 0.37% directs, 49.6% dealers, 3.09 bid/cover.

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