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US Treasuries open NY weaker........>

US TSYS SUMMARY
US TSYS SUMMARY: US Treasuries open NY weaker after overnight ebb began 2am ET,
picked up a bit at 4am ET, stabilized 5am ET. Tsy 2/10Y, 2/30Y steeper. Tsys saw
shorts/sales into 1pm ET US$28B 7Y auction. US stk index futures mildly higher;
European stocks weak. 
- TOKYO: Tsys opened mildly weaker, held narrow range into UK crossover. Flow
included misc sellers in 5s and 10s. 
- LONDON: Tsys slipped to new lows amid selling in Bunds and Gilts reportedly in
balance sheet reduction; Tsys bottomed out 5am ET at 2.441% 10Y yield then lower
range. Flows also included bank portfolio selling in 10s. No help from weak US$:
black boxes seem to  refrain from buying/selling Tsys for FX reason near yrend. 
- US SWAPS: MIldly wider, flows: mixed flys (belly receiving short end: $140k
3s4s5s, $113.2k 4s5s6s; belly paying out curve: $125.4k 10s15s20s, $78.6k
20s25s30s). Recent $500M receiver in 1s, 1.885% and 2Y switch around
2.3175-2.320%. 
- US HIGH-GRADE CORPORATE BOND ISSUANCE: None until New Year; then a busy Jan.
- OVERNIGHT REPO: Treasury 5Y, old 5Y notes, 10Y tight.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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