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US TSY FLOWS: Trades higher after the bell, quiet for much of the session after
Tsys extend late overnight lows heading into the NY open. Initial gap lower
tracked Bunds after 5-yr N/Ireland backstop limit headline--rebound soon after
as Germany denied. Rates reversed losses (Block buys in FVM and TYM early), made
new session highs after the bell amid new quarter/asset allocation chatter out
of equities into Tsys. Equities near lows (SPX -18.0, 2880.25); US$ index off
lows (DXY -.062, 96.988).
- Session flow includes bank and real$ buying 10s and 30s early, decent
deal-tied selling on inaugural $12B Saudi Aramco 5-part issuance (3Y-30Y span).
Decent two-way option flow, some put spread unwinds in Dec Eurodlr options
- Latest $38B 3Y note auction (9128286M7) awarded 2.301% (2.448% previous) vs.
3.300% WI going into auction, bid/cover 2.49 vs. 2.56 previous (3.07 avg).
- On tap for Wednesday: CPI; Atlanta Fed inflation; Mar Kansas City Fed LMCI;
Mar Treasury budget balance; March FOMC minutes.
- The 2-Yr yield is down 1.6bps at 2.3456%, 5-Yr is down 2.3bps at 2.3038%,
10-Yr is down 2.2bps at 2.5006%, and 30-Yr is down 1.3bps at 2.9141%.