Treasury auctions (3Y, 10Y and.......>

US TSYS/SUPPLY: Treasury auctions (3Y, 10Y and 30Y) will occur Monday and

Tuesday in addition to 1-, 3- and 6M bill auctions, making the auctions a bit

more challenging ahead the Thursday, March 15 coupon settlement. JP Morgan noted

3Y note yields "have risen by 15bp since the February auction, and the 3-year

sector appears modestly cheap after adjusting for the level of rates and the

shape of the curve." On 10Y note yields "have risen by 8bp over the past month,

and the 10-year sector appears about fairly valued along the curve." "We find

that Monday auctions have resulted in larger tails, lower bid-to-cover ratios,

as well as reduced end-user demand, when compared to other auction days," JP

Morgan added.