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Tsys Holding Off Post 3Y Sale Lows

US TSY FLOWS
Still weaker, Tsy futures continue to inch off post 3Y note sale lows.
  • In addition to the 7,500 FVZ Block buy, sources report bank portfolio buying 10s-30s after real$ selling in 30s earlier, foreign real$ bought 3s earlier. Deal-tied selling earlier starting to unwind as swappable corporate issuance launches ($2.5B Ford 10Y Green recently, 3.25%).
  • Yield curves mixed, long end flatter:
  • 3M10Y +3.743, 144.313 (L: 140.685 / H: 145.631)
  • 2Y10Y +0.104, 104.561 (L: 103.912 / H: 106.546)
  • 2Y30Y -3.793, 144.236 (L: 143.969 / H: 149.864)
  • 5Y30Y -5.412, 77.417 (L: 76.91 / H: 84.155)

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