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Tsy yields finished Thur a touch.......>

US TSY/RECAP
US TSY/RECAP: Tsy yields finished Thur a touch higher, with the belly modestly
underperforming in what proved to be a choppy session. Rates had rallied after
U.S. CPI came in lower than exp., aided by TY block buyers, with not much, if
any, immediate reaction to the BoE and ECB steady rate announcements, although
the ensuing uptick in Gilt & Bund yields allowed Tsys yields to recover from
their post-CPI lows. Fed voter Bostic offered little new insight re: MonPol.
- The latest 30-Year auction came in on the screws, with the cover ratio
firming, but still in line with recent averages. Dealer participation eased as
direct participation ticked higher.
- Fast-money a/c's were two-way in 3s-7s, while real-money a/c's and banks were
buying 10s-30s. Decent deal-tied hedging was also observed as AbbVie's 4-part
deal pushed total issuance to $12bn on the day.
- In the short end large buyers of EDH9M9 & EDU9Z9 were observed, with ongoing
heavy volume FFF9 volume. The 0EH9 68/66/63 1x3x2 put fly structure continued to
draw interest.
- T-Notes last 119.11, U.S. 10-Year cash Tsy yield closed at 2.970%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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