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

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.