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Free AccessTraders expected fairly good appetite...>
US TSYS/10Y: Traders expected fairly good appetite at 1pm ET US$23B 10Y auction.
But it may potentially not be as strong as the 3Y auction, which drew very heavy
demand. Traders also expected US and Asian (China Jpn) demand too.
- Nomura's George Goncalves, Stanley Sun and Penglu Zhao said "renewed
geopolitical concerns could help support auction demand" and curve valuations
"still look attractive." But they cautioned "positioning suggests the curve may
steepen, especially as the market's expectation for ECB tapering continues to
draw closer." Also "foreign takedowns for 10yr have been declining recently, as
they may have shortened their duration exposure," they said.
- BMO's Ian Lyngen was "encouraged" by strong 3Y bid Tue; while "correlation to
the 10-yr" is not "1-for-1, we cannot help but be impressed by the strongest
non-dealer award since 2009 (2nd highest on record)." He expected "good" 10Y
sponsorship "and would expect that a yield anywhere over 2.25% wld be
attractive" to "marginal buyer" as it's "become the line in the sand."
- 10Y HISTORY: July $20B 10Y reopening: 2.325% yield, 2.45 bid/cover, 64.8%
indirects, 5.75% directs, 29.45% dealers.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.