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Treasuries continue to chop lower amid...>

US TSYS/2Y
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.

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