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Policy
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Free AccessUS$ Credit Supply Pipeline
US Treasury Auction Calendar
Treasuries continue to chop lower amid...>
US TSYS/2Y: Treasuries continue to chop lower amid more pre-auction shorts into
11:30 a.m. ET US$26B 2Y note auction and the 1pm ET $34B 5Y auction. The 5/30Y
yield curve has flipped, now mildly steeper on the day after earlier good
flattening. That followed a 9:55am ET block sale of 7,956 TNH8 10Y Tsy futures
(Mar'18 10Y-Ultra).
- Traders also said the short end is pressured as there are T-bill auctions
today too, in addition to the 2Y and 5Y note auctions. However the 2Y note is
tight in the overnight repo, at least mildly so.
- 2Y AUCTION HISTORY: The Oct. 2017 $26B 2Y auction had a rate of 1.596%, 2.74
bid/cover, 48.2% indirect award, 14.2% directs, 37.7% dealers.
- Tsys also pressured by rate-locks, too into the high-grade corporate bond
issuance, expected to be sizable this week and next week. Mischler's Ron Quigley
said his syndicate poll produced a $29.02B expected midpoint average for
expected issuance this week.
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.