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US Treasuries ended Mon lower..........>

US TSY/RECAP
US TSY/RECAP: US Treasuries ended Mon lower (except 30Y) and flatter, pressured
by heavy US$ high-grade corporate debt issuance and by weaker German Bunds. Tsys
had modest 2way flow with overnight carry over bid/support evaporating in NY
morning, then pared gains and mirrored the German Bunds' drop. FX-tied Tsy sales
as US$ rebounded vs yen, with modest deal-tied sales/hedges. Two-way option
flows occurred. 
- US swaps: light fast$ receiving 2Y, 5Y, while bank and insurance portfolio
payers in 10Ys. Tsy flatteners in cash 2/10Y, 2/30Y, 3/30Y, 5/30Y. Talk late
morning US Tsys bond swap: $500M from Feb. 2041 Tsy 30Y bond area to Nov. 2043
30Y bonds, unusually active for 2014 area; that amid expectation of more
flattening. 
- Block sale of 6,000 Tsy 5Y futures (FVZ) at 11:22am ET at 116.29.5
(sell-thru); also was large Bund futures block: apparent sale of 5,079 RXZ7 at
162.30 at 1:29pm ET GMT and of 6,433 at same time, price; 
- T-Notes open Asia at 124.20, 10-Year yield last 2.406%

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