Treasuries open NY weaker, curves...>

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.