Treasuries have a bear..............>

US TSYS SUMMARY: Treasuries have a bear flattening, as 2/5Y, 2/10Y, 2/5Y, 5/30Y,

5/10Y flatten into 11:30am ET US 2Y auction and 1pm ET 5Y auction. Tsys aided

recently by softer US$/yen and firming German Bunds.  

- TOKYO: Tsys began steady/weaker with 10-yr note in range until ebbed  into UK

session. Two-way trading in fronts to intermeds; Asian accts sold 10Ys; end

users sold long end. Asian stocks declined: Jpn's Nikkei -025%; China stocks

indexes declined. Traders eyed rumors of an early withdrawal of BOJ stimulus. 

- LONDON: Tsys ebbed until day's low 5am ET, amid bear flatteners, while fast$

and specs did mixed 5Y, 10Y flowss. More recent bid in long end likely following

German Bund lead. Large 22.9k TYH buy Block 124-24 helped move to upside. 

- US SWAPS: Mildly tighter. 

- US EURODLR FUTURES: Whites/Reds mildly weaker; firmer LIBOR rates. 

- US HIGH-GRADE CORP. BONDS: Heavy issuance this week and next; Mon UBS AG/Ldn

18M FRN/3Y/3Y FRN, Orix 7Y benchmrk. Alibaba investor calls Nov. 27-28 into

expect US$5B-$7B bond deal. 

- OVERNIGHT REPO: Tsy 5Y tight; 2Y, 7Y, 10Y bid.