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### Treasuries continue to march higher:....>

US TSYS
US TSYS: ### Treasuries continue to march higher: all cash Tsy issues are higher
on the day, 10Y note 2.257%. "It's being led by the back end," said one trader. 
- POV: It appears that the long end improvement in Tsys might be due to delayed
rate-lock hedge unwinds in the back end, after very heavy issuance Tuesday in
high-grade corporate bonds. The U.S. high-grade corporate/sovereign bond market
on Tuesday had $19.9B in issuance, much of which got issued in the back end;
then there was also overnight high-grade corporate bond buying, aiding that
sector helping it improve. "The back end got demolished yesterday" by corporate
bond pressure, said one trader. 
- A different trader agreed. "The market was knocked down on the curve yesterday
due to the heavy bond issuance, and now that's over with, so the long end is
rebounding," he said summarized.

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