Tsys open NY firmer but off.........>

US TSYS SUMMARY: Tsys open NY firmer but off overnight highs amid choppy

post-ECB trade: spike up to overnight high as ECB kept bond buys E60B/mo 'til

end-Dec then halved to E30B/mo starting Jan 2018 to end-Sept 2018 or beyond if

necessary. 

- TOKYO: Tsys improved after managed to exit Wed tailspin selloff. Dip buying in

cash 10s, banks buying in 5Y, 10Y, 30Y, real money buying in intermediates. But

banks and prop accts sold into strength, end users sold 2s and 7s, regional

banks sold 7Y, 10Ys and spec accts sold belly. US swaps saw 5Y receiving. 

- LONDON: Tsys drew foreign buying in 2Y,5Y, while Asian end users bought 5Y,

7Y. Others awaited ECB outcome. Tsys drew surge of bank, real$ buying in 10Y,

30Y post ECB news. Tsys then pared gains a bit. MBS had buying overnight. 

- OVERNIGHT REPO: Tsys 2Y, 3Y, 5Y tighten. 

- US SWAPS: Steady/mixed. 

- US EURODLR FUTURES: Mildly higher, long end outperforms. 

- US CORPORATES/SOVEREIGNS: Thu: China MOF US$ 5Y bond +15, 10Y +25bps; others

coming too.