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Treasury issuance resumes with.......>

US TSYS/SUPPLY
US TSYS/SUPPLY: Treasury issuance resumes with $25B 105-day and $30B 154-day
bills, both Cash Management Bills (CMB), as well as $17B 20Y note re-open.
Societe Generale said they are "positive" about the 20Y R/O, expecting decent
demand with "relatively low dealer holdings". While the "20y bond appears fair
on the curve versus 10s and 30s ... on an outright basis, the auction appears
rich, as the current WI yield is well below the stop-yield of the last two 20y
auctions. Given that yields are currently close to the lower end of the recent
range despite the recent rally in equities, it appears that investors are
hesitant to share the optimistic outlook reflected in the risk asset rally."

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