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US TSYS SUMMARY: Treasuries open NY weaker, curves mixed (2/10Y steeper, 5/30Y
flatter) after mixed overnight flows in a rangebound market. Bunds recently
declined in moderate volume as did Euro currency, after ECB minutes show ECB
concern about Euro strength. 
- TOKYO: Tsys had a range and 10Y note hit session low yield of 2.227% at
10:12pm ET Wed. Flows two-way: early intermediates bid, then misc acct selling,
position squaring in muted volume. Emerging mkt Asian and Asian real$ selling
and profit-taking in belly. Asian stocks declined: Nikkei off -0.14%. 
- LONDON: Tsys held range, dipped, and session high 10Y yield of 2.245% hit at
6:54am ET. Flows had misc acct buying in 3Ys, 5Y selling and mild two-way by
leveraged accounts in 5Ys. Foreign central banks and real$ buying in
intermediates aided. ECB remarks out 7:30am ET, said concerned on Euro
overshoot. Tsys recently ebbed amid FX tied sales on mild US$ bounce, then some
dip buyers came in; 10Y yield now at 2.239%. 
- US SWAPS: Spds steady/mildly wider out curve. O/N RP: 2Y, 5Y remain tight. 
- US HIGH-GRADE CORPS: Nederslandse Waterschapbank, Municipality Finance.

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