Reporting on key macro data at the time of release.
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US TSYS SUMMARY: Treasuries ended Tue lower but mildly off session lows after
solid $24B 3Y sale offset corporate rate-lock tied pressure amid heavy
high-grade corporate bond issuance, such as $17.25B eight-part British America
Tobacco debt deal.
- Treasuries cut loss in early afternoon after strong 3Y auction stopped thru to
1.520%; strong 64.05% indirects, good 10.2% directs, leaving only small 25.79%
for dealers (least since Nov 2009.)
- Tsys lifted off late morning low amid risk-off bid (somewhat due to N.Korea
nuclear worries), which helped Yen gain vs US$; earlier firm US$/yen weighed on
Tsys. Flows had modest bank portf., real$ sellers in 10Y, 30Y Tsys, prop on
small 5Y, 10Y vs. 30Y steepeners. Deal-tied hedges and pre-3-yr auction shorts
set. British Amer. Tob. cld do GBP or EUR debt Wed. Tsys had better buyers in
front end out to 5Y notes.
- EURODLR FUTURES: Mildly lower across the strip.
- TSYS 3PM ET: 2Y 1.639%, 3Y 1.511%, 5Y 1.834%, 7Y 2.096%, 10Y 2.282%, 30Y