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Traders expect US and foreign demand.....>

US TSYS/3Y
US TSYS/3Y: Traders expect US and foreign demand at 1pm ET $24B 3Y note auction,
with Japanese and Chinese buyers eyed; traders expected 1.423%-1.425% auction
rate. WI 3Y has a price concession after overnight/US morning risk-on mood
selloff, after last week's risk-off bid on US hurricanes, N.Korea fear. "There
is an outright concession on the day," said one trader. "If they want to buy the
dip, this is a good opportunity. But the issue itself is rich. The roll seems
rich." 
- China accounts may prefer 3Y auction to 10Y or 30Y; Jpn accounts could
potentially prefer longer auctions but each would be active in 3/10/30Y
auctions, said traders. 
- BMO's Aaron Kohli said "foreign buying remains a large part of 3-year demand,
with foreign investors averaging 26% over the last three auctions;' said 3Y
cheap on 2/3/5Y butterfly. He added "3s are rich to OIS again, suggesting there
is still a lot of cash at the front end of the curve." 
- HISTORY: Strong August 3Y auction: 1.5% coupon, 3.13 bid/cover and 64.1%
indirects, 10.2% directs leaving only smallish 25.8% for primary dealers.

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