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US Treasuries traded in a mildly....>

US TSYS SUMMARY: US Treasuries traded in a mildly higher range after morning
short-covering, black-box tied buying and technical buying too. Tsys began NY
mixed, steepener after overnight two-way flows tilted toward selling. 
- Tsys digested the morning data without reacting much, but then started to rise
as some accounts covered shorts in response to JPM Tsy Client survey (All
Clients) saying shorts this week were 44%, the most since May 2006. 
- US govt bond market had technical buying as cash 10Y note yld declined below
2.35%, now 2.334%. Overnight saw selling as yield rose above 2.35% rate. 
- Black boxes had bought Tsys in morning action as the US dollar had receded
against the Japanese yen. The market also saw 2/30Y, 3/30Y and 5/30Y curve
steepeners too. Earlier NY saw mixed flows by foreign accounts and mild US$ real
money profit-taking. 
- US SWAPS: Spreads mixed, curve flatter vs. steeper Tsy curve; was a $100M
receiver in 5Y US$ swaps at 1.999%, and $110M receiver of 10Y swaps at 2.2875%. 
- US CORPS/SOVS: Abu Dhabi priced $10B 3-part debt deal; CDX Investment Grade
index is  at 54.39, tighter by 0.24 bps.

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