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CHINA RATES

China Repo Rates Fall on Tuesday

AUSSIE SWAPS

RBC: Receive 1Y1Y Vs. U.S.

AUSTRALIA

NSW COVID Cases

US TSYS/5Y
US TSYS/5Y: Traders expect that buyside (indirects, directs) might have more
interest in today $34B 5Y note auction, than showed up at mixed 2Y auction
(so-so indirects, great directs.) "Dealers will take down less than in the
2-year note auction," said one trader. 
- A different trader said this 5Y auction will likely end up being a "reopening
of the 2-year notes maturing in Nov. 2022." He added, "I don't see why I have to
go nuts reaching up for this in price."